Navigating life’s big transitions for women clients

Women face unique financial challenges during life’s most pivotal transitions – divorce, widowhood, and retirement.

While not every woman will encounter all three, these milestones are moments of profound personal upheaval or strategic shifts in priorities. For those unprepared, the financial implications can feel overwhelming. During these times, the relationship between a client and her financial advisor is put to the test. The ability to respond with clarity often depends on how well both have prepared in advance.

The good news? Financial advisors are uniquely positioned to offer the kind of long-term stability that women clients seek during times of crisis. When approached with empathy, foresight, and time-tested contingency planning, these moments of transition can become powerful opportunities to deepen trust and build resilient, lasting relationships.

Divorce: Stability first

Divorce is never easy. It can shake a person’s financial footing just as much as their emotional foundation. As financial advisors, we often find ourselves stepping into a role that’s part planner and part mediator, sometimes for longstanding couples.

Baby Boomers are divorcing at rates triple that of a few decades ago, according to the National Center for Family and Marriage Research at Bowling Green State University. Clients don’t always come to a financial advisor because of a divorce – they’re often already in a relationship with us when the marriage begins to dissolve. This puts us in a unique position to provide support early and continuously.

Our responsibility is to help clients look ahead, clarify decisions they must make, and prepare for the consequences that follow. That process begins with a full and honest assessment of income, assets, debts, and cash flow. When working with a divorcing couple, especially for the first time, it’s important to understand who has traditionally managed the finances. From there, we aim to educate both spouses equally. Although research has shown men often report more knowledge about household finances, this should never be assumed. In fact, more women today are taking initiative in managing their wealth and advocating for financial independence.

Beyond dividing assets, divorce brings significant tax implications – filing status, child support, spousal support, and capital gains exposure can all shift dramatically. That’s why open communication with both spouses, their attorneys, and their tax professionals is essential. Bringing everyone to the table creates transparency and often reduces conflict.

Widowhood: Empathy and empowerment

Widowhood is one of the most devastating experiences a person can face. Amid grief, clients are often called upon to make urgent financial decisions – many of which can have long-lasting consequences.

This is where thoughtful, proactive planning makes a world of difference. Ideally, long before such a loss occurs, we help clients put the right legal and financial safeguards in place: securing an attorney, updating wills and trusts, revising beneficiary designations, evaluating insurance coverage, and establishing a trusted contact for financial accounts.

But beyond these practical steps lies the heart of our role: empathy. In the days and months following a loss, women clients don’t just need a financial advisor – they need someone who listens. Numbers alone won’t make them feel safe. When guidance is paired with understanding, it creates the space for healing and empowerment. Women clients can gain confidence in their financial future.

Retirement: Personalization is key

Retirement, unlike divorce or widowhood, often offers the gift of time. But even then, proactive planning is essential. Whether a client has chosen to retire or has been forced into it by market changes or health concerns, this stage represents a redefinition of life’s priorities -- and income sources.

For women, retirement planning carries additional complexity. Women tend to live longer and may have experienced career interruptions for caregiving. According to a Goldman Sachs Asset Management Retirement Survey and Insights Report, caregiving remains a major challenge, with 40% of working women leaving jobs for caregiving needs and 21% switching from full-time to part-time work. Women also have different aspirations around legacy, philanthropy, and independence.

That’s why personalization is everything. Financial advisors must understand not just a client’s balance sheet, but their goals, dreams – even their fears. Are they single or married? Do they want to leave assets to children? Start a charitable foundation? Travel the world? Each path is distinct, and no strategy is one-size-fits-all.

Sometimes, the most difficult part of our job is telling a client they’re not financially ready to retire. These conversations are painful -- but necessary. Sugarcoating the truth only delays the inevitable. What matters is that we approach these moments with honesty backed by data and deep respect for the client’s hopes and concerns.

Relationships, not transactions

Whether it’s navigating divorce, mourning a spouse, or transitioning into retirement, women clients need more than just financial experience – they need a calm, steady hand. These pivotal life events can serve as meaningful touchpoints where financial advisors prove their value as investment planners.

In a time of market volatility and economic uncertainty, this kind of relationship is more important than ever. Clients often feel pressure to make quick decisions amid shifting conditions. A relationship forged at critical touchpoints may help financial advisors and clients.

By helping women clients across the investment planning life cycle and milestones, financial advisors invest in a relationship that’s less reactive and more proactive. They are investing in resilience and empowering confidence. They help women write the next chapter of their lives with clarity and control.

Carroll Klotz and Jessica Martin are financial advisors at Stofan Agazzi Investments – Stifel Independent Advisors. Klotz brings more than 30 years of investment industry experience, including tenures at American Express Financial Advisors, now Ameriprise Financial, and Citicorp Investment Services. Martin developed her tax expertise over a 15-year career in public accounting, specializing in personal, small business, and estate and gift taxation.