The rise in women’s wealth is exposing an old weakness in financial advice

Key takeaways

• Women in the U.S. are projected to control about $34 trillion in investable assets by 2030, making them too important for wealth advisors to overlook.
• Many wealth advisors still apply a traditional male perspective when advising clients, which can leave high-net-worth women without advice that properly addresses their priorities, circumstances and financial authority.
• Women often bring different priorities to wealth planning, such as long-term security, healthcare costs, lifestyle continuity and major life transitions.
• Advisors who treat women as secondary participants risk weakening trust, missing revenue opportunities and losing clients to firms that offer a better fit.
• Women do not want special treatment or targeted marketing. They want advisors to listen well and respond with suitable advice.
• Clarendon Private’s integrated approach aligns investments, financial and estate planning and private banking around each client’s full financial picture.

Women in the U.S. are projected to control about $34 trillion in investable assets by 2030, equal to 38% of the country’s total. Yet many advisors still apply a traditional male perspective when advising clients.

“In an industry historically dominated by men it is not surprising that the wealth planning advisor would reflect the male perspective. That doesn't make it right or wrong, but is may not align with the experiences that women have had in the careers personally,” explains Tracy Welch, Managing Director and Head of Wealth Advisory at Clarendon Private.

That mismatch can leave high-net-worth women without advice that fits their priorities, circumstances and financial authority. For wealth advisors, it can mean losing trust with a client base that is becoming too important to overlook.

Traditional advice often bypasses women

This approach is outdated and often misses what women need at a time when they are taking on greater financial responsibility and bringing different priorities to wealth planning. A study conducted by McKinsey & Company found that women tend to focus more on long-term financial security and specific life goals than on maximizing returns. Those goals include ensuring assets can sustain retirement, managing healthcare and long-term care costs and maintaining their lifestyle.

The problem goes beyond priorities. It also shapes how advisors engage with clients. McKinsey points out that in meetings with heterosexual couples, advisors often treat women as secondary participants. It is a pattern Tracy has witnessed in the past. “I’ve seen situations where an advisor is talking to a couple but primarily directing comments and questions about their money to the husband,” she recalls. She says this lack of attention can occur even when the woman has a higher income or more assets than her partner.

Advisors may also be ill-prepared to support women whose financial circumstances have changed through inheritance, divorce, separation or widowhood. Cerulli Associates estimates that $54 trillion will pass to surviving spouses in the U.S. over the next 22 years, and more than 95% of those transfers are expected to go to women.

The price of failing to adapt

Women are not only controlling more assets. They are also taking a greater role in decisions about retirement, healthcare, family support, legacy and major life transitions. This shift presents a major business risk for advisors. McKinsey found that only 47% of assets currently controlled by women in the U.S. and Europe are managed by wealth advisors. Furthermore, 43% of U.S. women under 50 who currently use an advisor believe clients should shop around for better rates.

Many women respond by putting off contacting an advisor, keeping assets unmanaged or switching providers when their needs are not being met. Some may disengage altogether because they believe there is no place for them among traditional wealth advisors. As more assets move into women’s hands, firms that are slow to respond may struggle to grow and retain clients. Those that adjust stand a better chance of keeping clients, winning new ones and growing their firms.

What good advice looks like

Strong marketing will not be enough to win that opportunity. Boston Consulting Group argues that women do not want wealth managers to treat them as a segment. They want service built around their priorities and circumstances.

Tracy agrees. “Women don’t want special treatment. Like men, they want advisors to listen to their needs and respond with advice that fits their goals and objectives.”

At Clarendon Private, we start by understanding the person behind the assets. We begin by building the client’s full financial picture. Then one coordinated team aligns investments, financial and estate planning and private banking around that picture, taking into account the client’s priorities, household context and stage of life.

By bringing those disciplines together, we aim to avoid the fragmented conversations and blind spots that arise when advice comes from separate sources. That is especially important for women, whose priorities, responsibilities or life transitions may not fit the assumptions many wealth advisors still bring to the client relationship.

Clarendon Private’s approach aligns investment management, financial and estate planning and private banking with the client’s broader financial life. “At Clarendon Private, clients—women and men—are more likely to feel understood, engaged and supported through major life transitions,” says Tracy. “They receive advice that reflects their goals from a fiduciary firm that prioritizes trust and transparency and sees them as unique individuals in specific circumstances. This personal attention builds confidence and strengthens long-term relationships.”

When advisors address women’s financial needs properly, client relationships become stronger and more durable. Women are more likely to feel heard, respected and better prepared to make important life choices.

“Ultimately, the goal is to help women feel confident in the decisions they are making, supported through the changes they are navigating and secure in the knowledge that their wealth strategy reflects the life they want to lead,” says Tracy.