How to help women prepare for their financial futures

Women are increasing their financial power. In fact, a third of the world’s wealth — upto $93 trillion as of 2023 — is controlled by women, according to research from Boston Consulting Group. It’s increasingly common for women to be the primary breadwinners in their households. Moreover, women are amassing wealth more quickly than men and outpacing the growth of the overall global wealth market. And yet, many women find themselves unprepared for important financial decisions later in life.

That’s because when it comes to household finances, long-term investing and financial planning, women still tend to let their spouses take the lead, according to the 2023 UBS report, Own Your Worth. Even in cases where women are the primary breadwinners, the report found, 48% say that financial decision-making is less natural for them compared to 27% of men in that position. 

“Certain divisions of labor are typical in any household,” says Leslie Geller, a wealth strategist at Capital Group. “But when women are not part of the financial planning, they run the risk of jeopardizing their futures if they go through a divorce or outlive the spouse.” In those cases, they can find themselves suddenly in the financial driver’s seat. In addition to potential cash flow challenges, they may find themselves facing unexpected legal and tax bills, or losing out on their fair share of a business.

The good news is that you can help women clients close the gap between earning and amassing wealth and actively controlling it. And what’s more, there is a strong business case for it. Women can be a good source of referrals. In a 2024 survey of 405 U.S. financial advisors by Edward Jones in partnership with Morning Consult, advisors said 72% of their women clients who found them through a referral specifically sought recommendations from other women. Women are also fairly loyal clients. A 2024 Cerulli Associates report, Trust in Transition: Widows and Widowers, debunked an older finding that more than two-thirds of widows change advisors after the death of a spouse, finding the number to be closer to 15%. Still, , women are more likely to vote with their feet if they’re not happy. The study found that only 81% of women remained with their advisor compared to 91% of men. 

Simply put, it’s important for any individual — not just women — to take control of their wealth and financial resources. But you can help make it easier for women to find financial empowerment by establishing relationships with female clients, understanding their needs and concerns, and having more regular financial conversations with them. Here's how to start in three steps. 

1. Establish the necessary relationships. One reason many women may not feel fully engaged in the management of their finances is the origin of the relationship with their financial professionals. “When it comes to married women, relationships with the financial advisor, the attorney and the CPA are often initiated by the male spouse,” Geller says. “Women are often outsiders to these already-formed relationships. This can cause them to feel that they aren’t the top priority, or worse yet, that they aren’t even part of the team.”

It is critical that both members of a client household get to know you and engage with you and other financial professionals involved in the management of their wealth. Invite and encourage female spouses to join meetings and calls that the man may have normally attended alone. “Ideally, an advisor will build a relationship with both spouses from the beginning,” Geller says.

For your part, make an effort to set up individual times with each spouse for a one-on-one conversation without their partner. Present the meeting as a safe environment and opportunity to discuss things from their individual perspectives — a time when they can ask questions and get to know you.

2. Help them tackle the right questions. Before they can feel fully engaged about future decisions, clients need to understand the fundamentals of their financial plans and investment strategies. This is important for anyone in a professional financial relationship, but especially for those married women who are looking for a way to get up to speed.

“Unfortunately, some women find themselves in situations where they need to take action to ensure that their financial rights are protected and their obligations and risks are limited appropriately,” Geller says. “But they need the right information before they can take action, and that requires asking the right questions.”

As a starting point, you can share this list of questions every woman should ask. Written from the perspective of a married woman, the questions can be easily adapted to fit other situations as well.

Questions every married woman should ask:

• What is mine, what is my husband’s and what is ours?
• What do I owe, what does my husband owe and what do we owe?
• What do our estate planning documents provide?
• If my husband dies before me, what will I be left with? Will I have the appropriate amount and  composition of assets to maintain my lifestyle?
• What is my husband’s claim to my income and assets in the event of divorce?
• What are my rights to my husband’s interest in his business (or the family business) upon  divorce or his death?
• Am I comfortable with the contents of my joint tax returns?

3. Normalize financial conversations. While some people may feel a stigma about discussing financial topics. “Our Secret Numbers: Women, Men, and the Taboo Nature of Financial Health,” a 2024 study of more than 3,200 adults conducted by Wells Fargo and The Female Quotient, revealed that 52% of women feel more comfortable talking about financial health than they used to be, compared to 62% of men, the trend seems to be changing. Where the stigma still exists, overcome it with more communication.

Encourage female clients to share concerns, ideas and experiences to help them feel more empowered and ready to engage. Friends and family members will likely benefit from the conversation too.

As you engage more female spouses and grow your female client base, you will find that women have their own unique preferences, needs and goals. But the first step is making sure they are fully engaged in their financial futures.  

But by focusing on building relationships with women, helping them ask the right questions and normalizing , financial conversations, you can help them greater control of their financial futures. And along the way, you’ll be cultivating important client relationships with the stewards of a growing portion of the world’s wealth.