Who Runs the World?
Women’s wealth is soaring, and by 2030, they’re expected to control over 60% of the world’s assets—a serious power shift. This is driven by women’s rising representation in high-earning careers, increased entrepreneurship, and their significant stake in the upcoming generational wealth transfer. Nearly half of American women expect to inherit wealth within the next decade, underscoring a huge opportunity for wealth managers to connect with an influential yet underrepresented segment.
Women know that one size never fits all, and their financial priorities often go beyond simple profit. Many are focused on security, legacy, and social impact, reshaping wealth management from the ground up. With the right strategies and support, wealth managers can empower this dynamic group to maximize their economic impact and build lasting legacies aligned with their unique values. Furthermore, wealth managers who champion women’s financial journeys will not just be advisors—they’ll become key partners in their clients’ lasting legacies. Here’s how it’s done.
Address Key Financial Challenges and Build Confidence
Despite their increasing wealth, many women feel underserved and less confident in navigating the financial landscape. According to the Institute for Women’s Policy Research, women tend to have lower financial confidence than men, often due to a historical lack of representation and support within financial services. Women’s lower confidence is sometimes compounded by barriers like the gender pay gap and career breaks, which can limit wealth-building opportunities.
Wealth managers can step in here by providing supportive resources, educational opportunities, and personalized advice, helping women build their confidence to make informed decisions about their wealth. This approach goes beyond traditional investment advice; it’s about empowering women to take control of their financial futures.
Provide Long-Term Financial Planning with a Focus on Legacy
According to UBS, more women than men prioritize the financial well-being of their heirs, with 72% of high net-worth women interested in structured inheritance plans to support future generations. That said, there are nuances in how women in different generations want to accomplish this (remember, one size never fits all). The younger generations think they have an obligation to transfer their wealth to the next generation and want to have a bigger impact on society, tackling social issues through values-based investing.
This values-driven perspective is significant for wealth managers because it implies that women aren’t just interested in financial returns but looking for investments that generate positive social outcomes. Wealth managers who align their offerings with these values can build trust and create stronger, more personalized connections with women clients.
Build Relationship-Based Service Models
A relationship-centered approach is critical to building lasting trust with women clients. This means not just focusing on their wealth but on their entire financial picture—understanding their values, goals, and worries. Regular check-ins, transparency, and active listening will foster deeper connections. For example, setting up annual financial reviews to assess both short-term goals and long-term legacy plans can ensure that a woman’s wealth strategy evolves as her needs change. A customized approach, rather than one-size-fits-all advice, builds trust and enhances long-term satisfaction.
Facilitate Networking and Community Building
McKinsey’s research projects that addressing gender gaps could add $12 trillion to global GDP by 2025. One key area for this is financial inclusion. To tap into this potential, wealth managers can create or foster networks that allow women to connect, learn from one another, and share financial insights. Hosting events tailored to women’s investing needs or peer-to-peer workshops is one way to create a supportive community where women can grow their financial knowledge and confidence, further strengthening their loyalty to the advisor. And, by creating spaces for women to engage with each other, wealth managers not only support their clients but foster a community that leads to more informed, empowered decision-making.
Embracing a New Era of Financial Empowerment
The shift toward women’s increasing wealth represents a monumental opportunity for wealth managers. Those who take the time to understand and support women’s unique financial needs will position themselves as leaders in this new era of wealthy wonder women. Wealth managers can create meaningful partnerships with women clients that resonate beyond financial transactions by emphasizing education, embracing values-driven investments, and fostering strong client relationships.
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