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The wealth management industry doesn’t just have an engagement problem with women. It has an infrastructure problem.
That problem is shaped by factors that disproportionately impact women. On average, women tend to live longer, act as primary caregivers, earn less due to the gender pay gap, and take on more household responsibilities compared with men. As a result, their concerns, preferences, and financial planning needs also differ.
Yet many advisory models have not fully adapted to reflect this difference. As a result, women are often underserved at the moments when thoughtful financial education and planning matters most, and the cost of that gap is growing.
By 2030, McKinsey Research predicts women are expected to control $34 trillion in U.S. wealth. Bank of America research shows that 94% of women will be solely responsible for their finances at some point in their lives. At the same time, widows are three times more likely to move on from their advisors, according to recent research completed by the Kehrer Group.
We are at an inflection point that requires reshaping how advisory relationships with women are built and retained. However, many of today’s advisory relationships are not structured to meet this shift.
For many households, the advisor relationship is still centered on one spouse, often husbands in traditional marriages, with advisors not consistently engaging the wives. Conversations may not fully reflect the wife’s goals or concerns, and communication may skew technical rather than supportive, creating a trust gap over time. Women outlive men by five-plus years on average, and when transitions such as divorce or the loss of a spouse occur, women leave their advisors because the advisors have not built trust to carry the relationship forward.
This client attrition is not driven by a lack of need. It is driven by a breakdown in connection and proper support.
Women consistently report that the quality of their relationship with an advisor is their number one driver of satisfaction. They are not just looking for investment expertise. They are looking for partnership and a sense that their advisor understands what matters most to them.
For advisors, this presents both a challenge and an opportunity. The firms that adapt are better positioned to retain more assets — and build stronger, longer-lasting relationships.
So what does it look like to close this gap in practice? At Willow, we think about this through a simple 3E lens: empathy, education, and empowerment. These show up in how you build relationships, communicate, and guide women clients through transitions.
1. Lead With Empathy To Build Trust and Connection
Take time to understand what is happening in her life beyond her balance sheet. Ask about her work, family, and priorities — and even what keeps her up at night.
Approach conversations with a coaching mindset. Create space for both partners to engage. Ask open-ended questions about her goals and values, and resist the urge to assume. Pay attention to what she says and what she does not. Even acknowledging that you are missing part of her perspective can invite deeper trust and create a more collaborative relationship.
2. Use Education to Build Confidence and Engagement
Make education an ongoing part of the relationship, not a one-time event. Ask what she wants to learn and meet her there. Use stories and real-life examples to make concepts more relatable and actionable.
Just as importantly, check in regularly to ensure she feels clear and confident, especially when introducing new ideas. When questions are welcomed and understanding is prioritized, engagement deepens over time.
3. Empower Through Personalized and Collaborative Guidance
Align on how she wants to engage, including communication preferences, frequency, and format. Small adjustments can make a meaningful difference in how supported she feels.
During moments of transition, step in and lead with clarity. Coordinate across her broader financial team, including attorneys, CPAs, and other partners, to ensure decisions stay aligned with what matters most to her. Create a collaborative atmosphere where she feels empowered to make important decisions.
This does not require a complete overhaul. It starts with small, intentional changes in how you meet, listen, and follow up. Over time, those choices build deeper relationships. As women become the primary drivers of wealth decisions, those relationships will matter more than ever.
The advisors who get this right will not just keep pace with the wealth transfer. They will help lead it.
This material is for informational purposes only and does not constitute investment advice. Strategies should be tailored to individual client circumstances.
Lacy Garcia is the founder and CEO of Willow.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
