Great Wealth Transfer: Why advisors better get ready for more women with money

Estimates suggest that between $84 and $124 trillion in assets will be transferred from Baby Boomers (defined as those born from 1946-1964) on down by 2048, according to Cerulli Associates. And as the great wealth transfer accelerates, women are poised to inherit and control more assets than ever before.

Unfortunately, the wealth management industry is still playing catch-up in terms of serving this far-from-monolithic demographic, which is why financial advisors better get prepared before its too late.

Part of that preparation means more advisor training, according to Lauren Britt, wealth advisor at Quotient Wealth Partners. The other solution to the looming problem, says Britt, is stepping up tailored service offerings for women inheriting wealth. In her view, firms that can genuinely connect with and serve this segment will have a clear advantage in winning and retaining assets.

"For women exploring their options, I strongly recommend prioritizing two things: relationship and credentials. There is no substitute for a meaningful client-advisor relationship based on trust and communication. As you meet with potential firms, ask yourself: 'Do I feel comfortable opening up to this team? Can I trust them to guide me through life’s transitions?'" Britt said.

Helen Andreoli, managing partner at Great Diamond, meanwhile, said she is seeing “more and more” women who are single due to either death or divorce trying to manage assets without prior experience. 

“They are in a time of transition, so the added task of taking on the financial management can lead to a lot of stress. I really enjoy working with these women, they need somebody they can trust who wants to help them learn and build their confidence and independence,” Andreoli said.

A recent survey from Citizens Wealth found that while women are expected to control $34 trillion in investable assets in the US by 2030, many report lower confidence in financial planning compared to men. The survey, which polled more than 1,500 Americans, showed 84% of women said they lacked confidence in managing money from an inheritance or windfall, compared with 73% of men. Additionally, 51% of women reported never having opened an investment account, while only 34% of men said the same.

Elsewhere, Maddie Testwuide, senior wealth advisor at Nilsine Partners, said many of her female clients are already stepping into greater financial leadership roles as they are either building businesses, inheriting wealth, or managing assets post-divorce or after a spouse passes. In her experience, many women feel underprepared or overwhelmed initially, but quickly gain confidence when given the right advice and guidance.

To prepare, women need to build a relationship with trusted advisors before the wealth transfer takes place. A good financial advisor should be their advocate, and it is important to find one that aligns with their values and needs, said Testwuide. From there, she said the advisor can help source a strong CPA and estate planning attorney to round out their support network. 

“When relationships are already in the place, the transfer of wealth is a much smoother process both logistically and emotionally,” Testquide said.

Every household is different

As for stay-at-home wives or women who are not the primary earners in their households, Britt believes it is “perfectly okay not to manage the day-to-day finances of the household,” but said it is not okay to be in the dark about them. She recommends every spouse have access to account logins, key documents, and a clear understanding of their family’s financial goals. 

“Complete seclusion can leave someone especially vulnerable in worst-case situations,” Britt said.

Similarly, Andreoli, urges her female clients to get involved and not let anybody have complete control over the finances.  Every woman should understand the household budget as well as what bills there are and how they get paid. They should have access to all investment, banking and retirement account statements and online portals, according to Andreoli.

“It is important that women know where the money is and they should have access to funds! In addition, I would highly recommend that every woman meet with the family’s advisors including their wealth manager and their CPA,” Andreoli said.

Talking about her generation

Quotient’s Britt points out that there is a noticeable generational shift in how women engage with their finances. For many of her Baby Boomer clients, for example, the woman tends to not be the primary financial decision-maker and may even prefer to not attend financial reviews. That’s why one of her priorities is to thoughtfully engage the non-CFO spouse - often the wife - even if at a minimum to simply ensure both spouses are included on all communications.  

On the other hand, she said Gen X and millennial women tend to approach wealth planning more collaboratively. They often view wealth planning as a joint responsibility and place a high value on financial education, transparency, and being part of the decision-making process.

“With these clients, we serve as both financial coach and counselor to help achieve their goals. While needs and preferences are greatly varied across clients, one constant is my ardent commitment to meeting each client where they are and creating a space where they feel informed, respected, and in control of their financial future,” Britt said. 

Great Diamond’s Andreoli notes that older female clients tend to be very apologetic about their perceived lack of knowledge but often they are more savvy than they think they are. 

“Their instincts tend to be very good, but they can doubt themselves. It takes time to build that confidence back and help them see their finances as an opportunity rather than a burden. For younger women, they can be a bit more involved and confident so it’s more about building on that base,” Andreoli said.

Female breadwinners on the rise

An increasing number of women are becoming the primary breadwinners in their households, meaning they bring home the larger paycheck. These women often fall into two distinct segments, each with its own set of challenges and priorities: married breadwinners and single breadwinners.

According to Britt, married breadwinners often place a high value on their relationship with a wealth advisor. Unfortunately, many report feeling overlooked or patronized in financial conversations. This makes it critical for advisors to engage them intentionally and directly, said Britt, thereby demonstrating a genuine effort to understand their values, goals, and financial priorities.

Meanwhile, single breadwinners, who often carry the full weight of financial responsibility alone, tend to place a strong emphasis on education and autonomy. For this group, Britt believes advisors should focus on equipping them with the knowledge and support they need to feel confident and in control of their financial future. 

“We are in an era where women are doing more than they ever have before,” Testwuide said. “Many are juggling bustling careers while also holding the important titles of Mom, Household CEO and/or CFO, friend, sister, wife, daughter, caregiver, etc. Many do so while walking a fine line between financial leadership and traditional expectations - from both partners and society.”

When dealing with female breadwinners, Testwuide feels it is important to know they may be experiencing tension or resentment with their partner who earns less. In other words, they may be struggling to optimize a financial system that in many ways was built for men.

“They are likely feeling pressure to ‘do it all’ at home and at work, which can lead to burnout and guilt,” Testwuide said.

“I support female breadwinners by encouraging them to own their success but framing finances as a team effort, regardless of who earns more. Partner involvement is imperative, and both people should feel respected, heard, and comfortable. Then, there is more trust and less tension around money. It’s all about communication and building a life both partners are excited about,” Testwuide said.