A Financial Planning Focus on Millennial Women

A Financial Planning Focus on Millennial Women
Millennial women are approaching their peak earning years. Is your firm ready to serve them?
DEC 01, 2020

At this stage of your career, you’ve likely grown quite comfortable guiding retirees and those approaching retirement toward their financial goals. But if you’re still looking to position your firm for growth, a focus on financial planning for millennial women is a path worth exploring.

A Look at the Facts

Diversifying with a younger clientele can help shore up your business continuity plans. How? Just take a look at the facts:

  • Millennial women (ages 23–39) are quickly approaching their peak earning years and could benefit from your expertise.
  • According to research from the Boston Consulting Group, women currently control 32 percent of global wealth, or $216 trillion—and that number is only projected to increase.
  • There’s no doubt women are growing financially and rapidly climbing the career ladder.


Despite these positive trends, millennial women are lagging with respect to financial decision-making, according to a study by UBS. That same study revealed the surprising statistic that 56 percent of millennial women defer financial decisions to their husbands. The reason? Female investors trail their male counterparts when it comes to investment knowledge and confidence. Although nearly half of all men feel comfortable making investment decisions, only 34 percent of women feel the same way. And this is exactly where your role as a financial advisor is critical.

Rising to the Challenge

There’s no doubt you have the opportunity to help address this group’s unique challenges, as well as to build trusting, lifelong client relationships. An excellent place to start is with our checklist for financial advisors that focuses on financial planning for millennial women.

From student loan debt to employer-sponsored benefits, it offers you areas to focus on with younger clients to help them think proactively about securing their financial future. To get all the details, download our complimentary checklist, Financial Planning for Millennial Women: A Checklist for Financial Advisors.

This post originally appeared on Insights, a blog authored by subject-matter specialists at Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Anna Hays is an advanced planning consultant at Commonwealth Financial Network. 

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.