Empowering women to take charge of their wealth

Women are taking control of their financial futures like never before. A 2024 Bryn Mawr Trust study revealed 99% of women report being involved in their financial planning. This finding demonstrates a powerful shift in the dynamics of wealth management. Women are no longer just overseeing household budgets, but also are making strategic investment decisions, building long-term wealth and reshaping the economy.

As women embrace greater financial leadership within their families, advisors must be equipped with the right tools to address the unique needs and goals of female clients. From helping women understand the rationale behind advice to finding the best communications methods, here is my advice on how to create trusting, long-term client relationships with women. 

Build trust through transparency and education

Women, like any other group, have distinct financial perspectives and priorities that influence how to effectively engage and counsel them. My female clients typically value security, often adopting a more conservative approach to their finances with a lower risk tolerance than male clients. As a result, women seek advisors who provide not only expert guidance, but comprehensive education on topics such as savings, investments, budget planning, retirement and more. Simply presenting advice without explanation in a “Here’s my recommendation, sign here” manner rarely resonates. Women appreciate understanding the reasoning behind the suggestions and feeling empowered to seek clarification on unfamiliar concepts. 

Invest time in cultivating genuine relationships with clients while discovering what strategies and tactics work to help them comprehend the financial advice. Personal finances are among the most private and intimate aspects of one’s life, making it difficult for many to share the details, even with professionals. A tailored approach where the client feels the advisor is making decisions with them and not for them is key. 

Meet women where they are

While women are taking on more prominent roles as financial decision-makers, advisors need to address potential challenges from past dynamics. For example, according to a 2024 Thrivent survey, 70% of new widows fire their financial advisors within the first year after their spouse’s death. This often reflects a lack of trust or insufficient support from their advisors during a critical life transition. Advisors must actively listen to women and ask insightful questions to understand their emotional state alongside their financial needs. Making assumptions will leave women feeling neglected or unheard. 

Exercising patience is vital with female clients in all periods of life, but particularly with those undergoing a major change. It is important to encourage female clients to take ownership of the financial decisions they may have once made with a partner, such as adjusting retirement savings or handling investments, without pushing those who may not be ready. Allow them time they need to process the advice. 

Representation matters

According to the CFP Board, Women represent only 23% of Certified Financial Planners. Increasing female representation in the field broadens the talent pool, helping clients of all genders find a better fit for their financial needs. In my experience at my primarily female firm, I’ve seen how female clients thrive when working with female advisors. Actively recruiting women is essential to supporting female clients on their financial journeys, and it’s also a substantial business opportunity given women’s growing financial influence; bridging this gap benefits everyone. 

Although many female clients appreciate the unique support offered by female advisors, particularly their empathy and nurturing communication style, it’s important that all advisors are equipped to serve this growing demographic of women in wealth. I encourage male advisors to collaborate with a trusted female colleague to seek their insights and recommendations on how to most effectively serve this rapidly growing market.

The time to invest in women, both as colleagues and clients, is now. As the industry continues to evolve and women accumulate unprecedented levels of wealth, firms that fail to adapt in ways that support women will fall behind. Those who recognize and act on this opportunity will come out as industry leaders and help shape a more inclusive financial landscape for generations to come.

Juli McNeely, CFP, CLU, is an 18-year MDRT member and co-owner of Financial Clarity by Design. She is also the author of No Necktie Needed: A Women’s Guide to Success in Financial Services. Contact her at [email protected].