Advisors seeking to appeal to midcareer HNW Women better not forget estate planning

Advisors seeking to appeal to the growing market segment of midcareer, high-net-worth (HNW) women better start bringing up estate planning. Or they will be beaten to the punch by someone who does.

According to estate planning platform Vanilla’s recent Women & Wealth survey, 46% of women say their top priority is protecting their family financially. Nevertheless, the report says 1 in 3 say that their advisor has never mentioned estate planning or that they needed to raise the topic themselves.

Jennifer Raess, associate general counsel at Vanilla, believes the best advisors open and own this conversation. In her view, advisors who initiate long-term planning discussions and empathize with their clients’ goals will immediately differentiate themselves, especially at a time when women control a growing share of wealth.

“Advisors should start by changing how and when they show up in holistic financial planning conversations. High-net-worth women lead complex financial lives; they are focused on safeguarding their wealth and legacy for the long term. The advisors who truly give them confidence, rather than simply overseeing their investments, will win their loyalty every time,” Raess said.

Elsewhere, Joe Buhrmann, advisory financial planning consultant at eMoney Advisor, says advisors can better connect with midcareer HNW women by shifting planning conversations toward real-life complexity, including career growth, family responsibilities, and big transitions, and using planning tools that clearly show trade‑offs and options. Showing up as a financial wellness partner, not just an investment expert, helps by focusing on confidence, values, and peace of mind, not just investment returns, according to Buhrmann.

He adds that transparent, tech‑forward, digital planning experiences also matter, because they let clients explore scenarios and feel truly in control of their decisions, meeting them where they live in their daily, digital lives.

“This approach resonates because many midcareer women want to be informed, empowered collaborators in their financial lives, playing an integral part of the planning process. It’s critical for advisor growth since these clients are in peak earning years, tend to be highly loyal when well served, and are strong referral advocates,” Buhrmann said.

Angie O'Leary, head of wealth strategies and solutions at RBC Wealth Management US, meanwhile, points to a recent survey from RBC Wealth Management showing that HNW women overwhelmingly cite their advisor as their primary source of truth for financial advice, so building strong relationships with midcareer HNW women is critical. As a result, O’Leary recommends advisors prioritize building multi-generational teams that demonstrate continuity and longevity and consider female representation on their teams.

“Technology-driven comprehensive planning that centers on personalized goals, shows real-time progress tracking, and enables clients to adjust assumptions creates the tangible confidence boost women need, particularly for millennials where 36% worry about retirement savings yet 55% who work with advisors report making excellent progress,” O’Leary said.

Added O’Leary: “By implementing these confidence-building strategies now, advisors position themselves to capture the transformative opportunity where Millennial women are closing wealth gaps and actually outpacing men in assets.”

BRIDGING THE CONFIDENCE GAP

To bridge the confidence gap among women, Raess believes advisors need to reset their engagement strategy. She notes that 93% of women feel unprepared to manage finances after the death of a spouse, according to Vanilla’s survey, pointing to a lack of financial communication beforehand.

“Serving women requires much more than education at the moment of a crisis. Advisors should consistently bring women into the conversation as active participants, not secondary listeners, and they should do so as early as possible. That means meeting them at their own level of knowledge, answering personal ‘what if’ questions, and making sure they understand how a plan works in practice,” Raess said.

It also means building a strong relationship before a transition occurs, so clients aren’t navigating their most difficult moments with someone they barely know.

Advisors should also lead with the issues women care about. Raess points out that only 7% of women list minimizing taxes among their top concerns for estate planning while 46% prioritize protecting their family financially.

“When advisors lead with what women actually care about, they give their clients something far more valuable than a tax strategy - they give them real confidence in their own finances,” Raess said. 

Moving on, eMoney’s Buhrmann believes advisors can help close the confidence gap by pairing financial education with visualization of their plan. Using planning tools with strong visual elements can show the impact of how decisions play out in real life, not just on paper or in our minds. Scenario planning builds understanding and confidence in the advice and financial planning process because clients can see the impact of choices, according to Buhrmann.

“Advisors should also shift from a one-way lecture to a collaborative planning process and invite clients to co-create the plan. From our Planning Better Together research, nearly 8 in 10 consumers say they want to be actively involved in the financial planning process, not just presented with recommendations,” Buhrmann said.

Finally, RBC’s O’Leary says the most effective approach combines both education and relationship-building through personalized conversations that specifically address each client's unique concerns and financial situation. In her view, these tailored discussions simultaneously build financial acumen and strengthen the advisor-client relationship, which is particularly critical given that HNW women overwhelmingly cite their advisor as their primary source of truth for financial advice.

She adds that addressing generational nuances through a tailored communication and planning approach can help close any confidence gaps and empower women across all life stages.

“Millennial women are looking for digital-first interactions with timely response times, while Gen X and Boomer women gain confidence through regular check-ins with clear agendas. The survey found confidence levels vary by generation: half of Boomer and Millennial HNW women agree they can enjoy life without concerns about money, compared with only three in ten Gen X women,” O’Leary said.