If you tuned into our latest WomenShare episode with Cary Carbonaro, you heard a hard truth: Our industry has a lot of catching up to do when it comes to serving women clients well.
I wanted to dig into just how far behind we really are, so I did some reading. And the findings from Merrill Lynch’s 2024 study, Seeing the Unseen, confirm what many of us already suspected—women, especially those 55 and older, have spent years pushing against outdated assumptions about their financial knowledge, income, and decision-making power.
Many of these women have had to speak up to ensure they’re taken seriously in financial conversations. That shouldn’t be the norm.But here’s what really stood out to me: The next generation of women clients isn’t just waiting to be heard. They’re walking in the door expecting a seat at the table—because they’re already in charge.
The Future of Wealth is Female
The great wealth transfer is accelerating, and younger women are taking control of more assets than ever before. Consider this:
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Among married women under 45, twice as many say they are the primary financial decision-maker compared to older generations.
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Women under 35 are actively seeking financial education—and they’re scoring higher than their male counterparts on financial literacy questions.
These younger women aren’t asking for permission to be part of the conversation. They expect to be met as equals. So, is your approach to client interactions keeping up?
Where Advisors Might Be Missing the Mark
Even with the best intentions, financial professionals can unknowingly undermine relationships with women clients. Here are a few subtle ways that happens:
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Assumptions in Meetings
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Do you still default to addressing the husband first in a heterosexual couple’s meeting?
- Are you making unconscious assumptions about who is leading financial decisions?
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Tone and Language Choices
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Are you explaining things differently based on gender?
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Do you ever “simplify” a concept when speaking with a woman client that you wouldn’t with a man?
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Missing the Education Opportunity
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Younger women want financial knowledge. Are you offering proactive guidance to support their learning?
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Are you positioning yourself as a partner in their financial journey, rather than assuming what they need?
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A Call to Action for Every Advisor
Women are not a niche market. They are the market. The industry needs to stop treating them as an afterthought and start adapting to the reality that they are leading financial decision-making now more than ever.
My challenge to all advisors—regardless of gender—is this: Take a hard look at how you’re interacting with women clients of all ages. Are you fostering trust and empowerment? Or are you unintentionally reinforcing outdated norms?
Because the next generation of women isn’t waiting for the industry to catch up. They’ll take their wealth—and their business—to the advisors who already get it.
Let’s make sure that’s you.
