Former Fiona Price and Partners managing director Anna Sofat has set up a new wealth management service for women, called Addidi.
Sofat, who left Thinc to found AJS Wealth Management in June 2006, says her aim is to combine financial planning and wealth management with lifestyle concierge-type services for successful and wealthy women. She says Addidi is aiming to be the “haute couture” of lifestyle and wealth management. Sofat says women generate and control more wealth than ever before, with over 4,000 women having liquid assets of over £5m, according to Datamonitor’s Female Wealth 2007 report.
Barclays Wealth Management says almost half the nation’s millionaires are women and this is predicted to rise to 53 per cent by 2020 and 60 per cent by 2025.
But Sofat says despite more women running businesses, their personal finances are often neglected as they increasingly juggle careers, families and finances.
She believes that the increasing personal wealth of women has not translated into happier and more balanced lives for women.
Sofat hopes that Addidi will become a trusted resource where successful women can delegate things they do not enjoy doing and concentrate on what they are good at.
She says four out of 10 female entrepreneurs say their role model or inspiration for starting a business is another female entrepreneur.
Addidi, which is Latin for “we inspire”, aims to tailor lifestyle and financial planning solutions to a client’s needs and desires.
Sofat says: “Whether our preference is for Aegean blue or fuschia pink, Perrier Jouet or Ruinart, Great Ormond Street Hospital or The Rainforest Foundation, it is my belief that one simple factor binds us all – the wish for our wealth to serve us well and preferably outlive us.”