Imagine losing a lifelong partner—only to realize you’ve also lost the financial advisor you thought you trusted. This is the reality for many women, as 80% of widows leave their financial advisors within a year of their husband’s death. Why? Because for too long, wealth management has been designed for men, leaving many women feeling overlooked, unheard, and underserved.
That said, the industry can no longer afford to ignore this growing demographic. Women are on the brink of one of the largest wealth transfers in history. In Canada, they already control nearly C$2 trillion in financial assets, a figure expected to grow as they inherit the majority of $1 trillion in wealth-in-motion over the next decade. By 2028, women’s share of Canadian financial wealth is projected to rise from 37% to 45% (Mackenzie Private Wealth, Women and wealth).
This shift isn’t just about inheritance—more women than ever are building wealth through high-earning careers, entrepreneurship, and investments. In the U.S., women are expected to control $34 trillion in investable assets by 2030, nearly doubling from last year’s total. Globally, the number of ultra-high-net-worth women—those with $30 million or more in assets—has risen from 6.5% in 2010 to 11% in 2023, due to both inheritance and self-made fortunes.
The question now is: Are financial advisors ready to serve this new generation of wealthy women?
Despite this financial power, the wealth management industry has struggled to keep pace. Many women report feeling patronized, overlooked, or assumed to be financially dependent on their spouses. With women now generating approximately $600 billion in annual income and paying nearly $80 billion in taxes in Canada alone, it’s clear that outdated approaches to financial advice must evolve.
In this video, financial advisor and advocate for financial literacy, Suzette Chambers, highlights why this must change. She explains that women are wealth builders, decision-makers, and financial leaders in their own right—yet many still feel underestimated when seeking financial guidance. She urges advisors to move beyond selling products and instead focus on engaging, educating, and empowering women to take full control of their financial futures.
This article explores the problem with the current approach to financial advice and what financial professionals must do to better serve female clients in this era of financial transformation.
The Problem with the Current Approach to Financial Advice #
Despite the growing financial power of women, many still feel underserved or overlooked by the wealth management industry. Traditional financial advisory services have historically been designed with male clients in mind, often failing to account for the distinct financial needs, priorities, and decision-making styles of women.
According to Mackenzie Private Wealth, common complaints among female clients—especially regarding male advisors—include:
- Excessive use of jargon (28%) – Women often find financial discussions overly complex and unnecessarily technical, making it difficult to engage in meaningful conversations about their wealth.
- A sense of being patronized (36%) – Many women report feeling dismissed or underestimated when discussing investment strategies or financial planning.
- The assumption that their wealth came from their husband – Some advisors mistakenly believe that female clients are not primary wealth holders, disregarding their financial independence and expertise.
- A lack of effort to understand their goals and priorities – Instead of tailoring advice to women’s specific financial objectives—such as long-term security, impact investing, or estate planning—many advisors offer generic, one-size-fits-all strategies.
This disconnect has significant consequences. Research shows that 80% of widowed women leave their advisors within a year of their husband’s death, largely due to feeling unheard or unsupported. With women set to control $34 trillion in investable assets by 2030 (McKinsey & Co.), financial advisors who fail to evolve risk losing a significant share of the market.
Beyond these issues, subtle but persistent biases in financial advising can make women feel less empowered in their financial decisions. A Merrill study found that when heterosexual couples consult an advisor together, advisors often unconsciously direct more attention to the male partner. This assumption—whether intentional or not—leads to women feeling disengaged, even when they are the primary financial decision-maker.
In many cases, women who appear uninterested in financial planning are actually being sidelined in conversations. One financial advisor in the study recounted a scenario where a wife had seemed detached in meetings—only to later reveal, during a divorce, that she had felt excluded from financial discussions the entire time. This highlights a significant issue: Advisors must actively engage women in couple meetings, ensuring they feel equally included in the financial decision-making process.
Recognizing this gap, some financial firms in Canada and the U.S. are now implementing emotional intelligence training for advisors. These programs focus on active listening, empathy, and personalized financial planning - which as a result, helps advisors build stronger, more meaningful relationships with their female clients.
How Can Financial Advisors Adapt Their Strategies to Better Serve and Empower Female Clients? #
1. Provide personalized education and financial planning #
Female clients want more than just asset management—they want to understand how their investments align with their values and financial goals. Women tend to value transparency and collaboration in financial planning more than men. They are more likely to ask questions, seek guidance, and prioritize long-term financial security over short-term gains.
“We have noticed that women do not place as much stock in an adviser’s intellect or credentials, but in how the adviser can apply that knowledge in a creative and effective manner,” said Maggie Bilby, vice president at Cyndeo Wealth Partners. This means advisors must move beyond traditional investment discussions and offer tailored financial education, strategic planning, and proactive engagement.
2. Build trust through relationship-driven advising #
Women are more likely than men to want to know their financial advisor personally before hiring them. Trust and connection play a significant role in their decision-making process. Yet, the industry still lacks representation—only 24% of certified financial planners were female in 2024. Many women, though certainly not all, prefer working with female wealth managers, leading firms to step up their hiring efforts.
Beyond representation, what truly matters to female clients is relatability, accessibility, and trust. According to Ariel Lee, a financial advisor with Consolidated Planning, the key to supporting women in building and sustaining generational wealth is to create an environment where they feel safe to bring their true and complete selves to the table.
“The relationship is not productive if you’re feeling like you can’t be honest with your professional partner,” Lee explains. Women need to work with advisors they know, like, and trust—someone they feel comfortable opening up to about their financial concerns. Having an advisor who listens without judgment and fosters honest discussions leads to better financial outcomes.
Technology and social media have made it easier than ever for women to find financial advisors they truly connect with. Women are no longer limited to working with the advisor down the street or the one their parents recommended—they can actively seek out professionals who align with their values and communication styles. This shift allows for stronger, trust-based relationships that lead to better long-term financial planning and decision-making.
Watch the full video featuring Ariel Lee to learn more about the importance of trust and relatability in financial advising and how women can find an advisor who truly supports their financial goals.
3. Address investment gaps and financial confidence #
Despite their financial power, women invest less in stocks than men, creating a long-term wealth gap. According to Fidelity’s 2024 Women and Investing Study, only 71% of women reported having stock holdings, compared to 80% of men. While this number has risen significantly from just 44% in 2018, many women still describe their investment approach as conservative—sometimes to their own detriment.
“Women do a really great job of saving, but they have worked so hard for that money that they don’t want to risk it,” said Ryan Viktorin, vice president and financial consultant at Fidelity. “That feels good, but it’s actually exacerbating the wealth gap.” Advisors can bridge this gap by educating female clients on risk-managed investment strategies, long-term wealth growth, and the importance of starting early.
4. Encourage women to prioritize their own financial security #
Women often prioritize their family’s financial well-being over their own, delaying key financial decisions and leaving their own long-term security on the back burner.
According to Angelina Hung, Founder of Financial Tech Tools, financial advisors have a critical opportunity to shift the conversation. Hung emphasizes that women are not just planning for today—they are planning for future generations. However, many women delay key financial decisions because they lack confidence or simply don’t know where to start.
In this video, Hung highlights three key ways advisors can better support female clients:
- Education First Approach: Women want to make smart financial choices, but they need advisors who will explain financial products, not just sell them. The more women understand how financial strategies align with their long-term goals, the more empowered they will be to take action.
- Creating Educational Content That Resonates: Women prioritize trust, so if financial marketing feels pushy or jargon-heavy, they will disengage. Instead, advisors should develop content that answers real concerns, such as how to build an emergency fund, protect income, or prepare for long-term care.
- Strengthening Digital Engagement: Hung points out that 44% of women research life insurance online before making a purchase decision. If an advisor’s website, email newsletters, or social media presence don’t reflect women’s concerns—such as retirement planning, financial independence, and long-term security—they risk missing out on a significant opportunity to connect.
Watch the video here:
By prioritizing education, trust-building, and digital engagement, advisors can ensure women feel supported and confident in their financial decisions.
5. Support women in maximizing their earning potential #
First and foremost, building wealth starts with maximizing earning potential. Many women undervalue their worth in the workplace and hesitate to take financial risks that could lead to greater long-term gains. As a financial advisor, you can play a critical role in shifting this mindset by encouraging women to negotiate for higher compensation and explore business ownership as a path to financial independence.
Negotiation:
Many women leave money on the table by not negotiating salaries, benefits, or contracts. Shelby Nicholl, founder of Muriel Consulting, explains that women succeed in negotiations when they position them as benefiting others, such as their team or company.
Advisors can help by:
- Providing salary benchmarks and market insights for stronger negotiation power.
- Coaching on negotiation strategies that align with women’s strengths.
- Encouraging confident financial conversations for raises, contracts, and investments.
Entrepreneurship
Business ownership offers women financial control and unlimited income potential. While it can feel risky, women over 50 are launching businesses at record rates and finding it highly rewarding.
Advisors can support aspiring entrepreneurs by:
- Helping build a financial cushion for the early months of business growth.
- Providing tax, investment, and retirement planning guidance for self-employment.
- Framing business ownership as a long-term wealth-building strategy.
Learn more about how advisors can empower women to negotiate, grow their income, and achieve financial independence in this video featuring Shelby Nicholl, founder of Muriel Consulting:
The Business Case for Serving Female Clients #
The financial industry is at a crossroads—advisors who fail to adapt risk losing one of the most powerful and rapidly growing client segments. Women are no longer just beneficiaries of wealth; they are decision-makers, entrepreneurs, and financial leaders actively shaping their financial futures. Yet, despite controlling trillions in assets, many still feel overlooked, underserved, or disengaged from traditional wealth management services.
The business case for serving female clients has never been stronger. Studies show that women are 2.5 times more likely to refer their financial advisor than male clients, meaning that firms that prioritize their needs will not only retain their business but also expand their client base. Additionally, as women inherit and accumulate more wealth, their financial influence will continue to rise—and they will seek advisors who understand their unique priorities and challenges.
For financial professionals, the path forward is clear. Adapting strategies to better serve women requires more than surface-level engagement. It means investing in personalized education, fostering trust-based relationships, addressing investment gaps, and empowering women to take full control of their financial security and earning potential.
The bottom line? Advisors who invest in building relationships, providing financial education, and creating a client experience tailored to women’s needs will be well-positioned to thrive in the next era of wealth management. The future of wealth is female—and the advisors who embrace this shift will lead the way.
