5 pivots for advisors to keep women at the table

Every year or so, the wealth management industry rediscovers women.

A new study appears, and we're reminded that women control a growing share of wealth but remain underserved by financial advisors. The usual conclusion — that far too many women do not receive the high-quality financial advice that they need — is often framed as an opportunity.

While there is enormous opportunity for the financial services industry — 53% of the assets controlled by women are unmanaged, according to McKinsey — women aren't disengaged simply because they haven't been targeted. They're disengaged because much of the targeting is too myopic or misses the point entirely.

Here are five ways advisors can better serve women and keep them at the table.

1. From inheritor to decision-maker: Recognize women's true roles

While inheritance plays a role in growing women's wealth, we need to stop identifying women primarily as inheritors, widows, divorcees or beneficiaries. Increasingly, women are creating wealth through entrepreneurship and professional success. In fact, women own 39.2% of all U.S. businesses, Wells Fargo research shows.

Regardless of how wealth is acquired, women are owners and decision-makers, controlling approximately $60 trillion globally (34% of all assets under management). 

It is critical to treat women as equal partners and not secondary participants. Recognizing and respecting women's authority is not just the right thing to do, it's essential to providing high-caliber service and advice.

2. From gender-matching to genuine connection: Make sure all clients are 'seen'

Yes, a diverse workforce in financial services is important — and long overdue. But don't assume that women prefer to work with female advisors. That oversimplifies the reality. Women — like all clients — gravitate toward advisors who actively listen, make a genuine effort to understand them and demonstrate respect. 

A critical yet often overlooked aspect of the client experience is acknowledging women directly during meetings. Time and again, women have shared that they feel invisible when advisors speak primarily to the men in the room or otherwise disregard their presence and perspective. 

Body language and verbal tone can communicate more than words. Ultimately, advisors build trust and connection by consistently demonstrating attentiveness, respect and genuine engagement.

3. From portfolios to priorities: Focus on the 'why' over the 'how'

Much of the industry frames women primarily as investors, looking for patterns in how they engage with markets. A lot of ink has been spilled on whether women are more risk averse than men. But this is the wrong question entirely. Advisors should focus on the bigger picture.

Investing is not the goal, but rather a tool. 

When Fidelity asked women about their proudest money accomplishment, they did not say "beating the S&P 500." Instead, their most common response was "providing for my family." Women also often emphasize achieving financial security and aligning finances with values. 

Of course, women do care about investment performance. But an advisory relationship focused on a woman client's actual priorities is likely to be more successful than one centered solely on investments. In other words, advisors should start with "Why are we doing this work?" rather than "How?"

4. From assumptions to inspiring confidence: Treat all questions as wise to ask

Do not assume that women have low financial IQs. 

In reality, what they often have is an accurate assessment of what they don't know — and less willingness to pretend otherwise. In fact, research reveals that women often exhibit prudent financial behaviors that correlate with positive outcomes over time.

Advisors should focus on instilling confidence and creating an environment where women feel comfortable asking questions and trusting their own judgment while relying on advisors for comprehensive guidance. 

5. From pink-washing to authenticity: Market to real ambitions, not stereotypes

Fashion is fun — I've hosted an event with a female founder of a shoe brand. But women's lives (and finances) are multifaceted. Marketing that relies on stereotypes misses that depth and risks not connecting. 

Women are launching businesses, leading teams, managing care responsibilities and taking on roles at the very top. Content that reflects this diversity and complexity is more likely to attract attention and engagement from your female clients.

Women don't need to be convinced to take a seat at the financial table. They are already there. What they're looking for are advisors who lean in, care deeply and make them want to stay.