Financial planning is failing high-achieving women, warns advisor

With financial planning traditionally dominated by men, the industry faces detrimental challenges in keeping up with high-achieving women.

With women comprising only 23.4% of Certified Financial Planner® professionals, Kelly Klingaman sees a fundamental mismatch: the financial advisory industry hasn't kept pace with its increasingly female clientele. As more women rise to top roles in sectors like finance, tech, and healthcare, traditional advisory models often fail to address their unique challenges, from balancing household responsibilities to navigating career interruptions.

As founder of Kelly Klingaman Financial Planning, a Certified Financial Planner™ professional and Registered Life Planner®, Klingaman specializes in advising high-earning women working in male-dominated industries.

Drawing on years of experience and an approach deeply rooted in aligning personal values with financial strategies, she provides her clients—often executives, engineers, and doctors—with clarity, empowerment, and practical solutions for their demanding professional and personal lives.

“The crux of the problem is there's just a real lack of female financial advisors to appeal to these high-achieving women,” Klingaman explains. “Women aren’t coming into the industry to serve other women, and I think that's one of the bigger problems.”

A clientele overlooked by traditional models

This disparity is more than a numbers issue; it mirrors the financial industry’s slow evolution relative to its clientele. Women increasingly occupy top positions in sectors like finance, tech, and healthcare, driving complex financial needs that current advisory models frequently overlook.

Klingaman’s solution is clear-cut, explicitly tailoring her practice to support these women. “I tend to work with high-achieving women who work in male-dominated spaces,” she says.

Her clients, who are often financial professionals, engineers, executives, doctors, and tech leaders, frequently bear the additional role of breadwinner. With this responsibility comes specific planning challenges, especially around balancing professional success and household management.

“Just because both partners work doesn't mean domestic responsibilities are evenly split,” Klingaman notes. Time scarcity thus becomes a significant factor. “She's at her wit's end a lot of times,” she explains.

For Klingaman, financial planning isn’t merely about wealth accumulation, it's about facilitating practical, everyday relief. “Helping these women use their financial resources to delegate more effectively to simplify life during chaos.”

Addressing sacrifices and career gaps

She also addresses the tendency among her clients to prioritize their children's needs, often at the expense of their own retirement and financial security.

“They tend to over-focus on their kids,” Klingaman observes, requiring her to delicately shift their mindset without dismissing their priorities. “Balancing their concern for others with their own financial needs is a key aspect of my work.”

Career breaks, whether due to childbirth or burnout recovery, present additional financial complexities often underestimated at the moment.

Klingaman emphasizes the importance of informed decision-making during these transitional phases. “Having tools to visualize and understand cash flow scenarios before making career decisions significantly reduces anxiety,” she explains.

Embedding life planning into financial strategy

Klingaman’s approach is uniquely shaped by her training in Life Planning, which integrates personal values deeply into financial strategies.

“Understanding why money matters to my clients, its purpose in their lives helps address their tendency to neglect themselves,” she says. This method proves especially effective for dual-career couples, enhancing both individual clarity and shared financial goals.

Beyond her practice, Klingaman actively mentors aspiring financial planners, advocating for greater industry awareness among women. “Normalizing financial planning as a viable career option and highlighting its benefits like running your own business, achieving work-life balance is crucial,” she says.

For Klingaman, transforming financial planning for high-earning women isn’t merely advisable, it's essential. “Women want advisors who understand their experiences,” she says. “Explicit inclusivity is not just good practice; it's a business imperative.”