You can’t serve the next generation with a last-generation message.
That sentiment echoed through nearly every session at Financial Advisor Magazine’s 10th Annual Invest in Women conference in Boston. The way financial professionals talk to, plan for, and market to women is still off target. The industry is evolving, but many firms are holding on to outdated approaches.
Women control a growing share of wealth. They outlive men. They are more likely to take career breaks, manage caregiving, and bear the brunt of long-term health costs. Yet, many feel ignored or patronized by financial professionals, regarded only as divorcees or widows, not as full financial decision-makers. Too often, meetings are run with one spouse in mind. Low risk tolerance is assumed rather than discussed. Legacy planning skips over the people most likely to inherit.
Retirement planning was a major theme at the conference. Many women over 65 rely on a patchwork of retirement income sources, and 70% fear the impact of inflation and market volatility on their future. Only 36% of women are optimistic about their retirement finances. Advisors must be able to answer not just how a client will grow their money, but how they will draw from it with confidence, independence, and stability. That requires a more personalized plan, and a different kind of listening.
The coming wealth transfer, which some estimate as up to $124 trillion, will be one of the biggest shifts the industry has ever seen. Widows and generational heirs will be the top recipients. However, 70% of those beneficiaries switch financial advisors after the death of a spouse or parent. Cultivating relationships and providing transparency, education, and communication with beneficiaries and the second generation should be a key part of existing client relationships.
More advisory firms are finally seeing the urgency, and are adapting. Marketing is no longer the last department to get funding. It is now a core driver of organic growth, and women are leading that shift. 8 of the top 10 RIAs have female CMOs. At the conference, we heard from CMOs who are helping RIAs define their values, build memorable brands, and show up where their ideal clients are – on social media, through thought leadership, and in real conversations.
Succession planning was another critical thread. With half of financial advisors set to retire over the next decade, women leaders are encouraged to get legal support, think ahead, and consider the cultural and strategic fit of any M&A decision. Women still hesitate to advocate for themselves in these situations. That needs to change.
Robyn Jameson, Managing Director at Merit Financial Advisors, summed it up: “Ask for examples, talk to others who have done it, and plan early.”
These are immediate, material opportunities and risks. Advisors that want to grow, especially those looking to reach women and next-gen clients, need to stop assuming their legacy messaging will carry them forward. Women are already listening. What matters is whether the message actually speaks to them.