WHAT DO WOMEN WANT... FROM THEIR FINANCIAL ADVISORS?

In an industry that has historically catered to male clients, understanding what women truly want from their financial advisors has become a critical competitive advantage. With women expected to control $30 trillion in financial assets by 2030 in the US alone, advisors who can't effectively meet women's needs risk losing access to the industry's fastest-growing client segment.

But what exactly do women want? Rather than relying on assumptions or stereotypes, let's examine what the research actually tells us.

The Research-Backed Reality

After analyzing dozens of studies from Boston Consulting Group, Fidelity, McKinsey, and my own experiences with clients, clear patterns emerge about what women prioritize when selecting and staying with financial advisors.

1. Comprehensive Life Planning, Not Just Investment Management

Research finding: 87% of women report wanting financial advice that connects to their broader life goals, compared to 65% of men (Fidelity Investor Insights, 2023).

Women consistently rank holistic planning higher than isolated investment management. This doesn't mean investment performance isn't important - it absolutely is - but women more frequently evaluate that performance within the context of life milestones and personal values.

What this means for advisors:

• Begin relationship-building by understanding life goals before discussing portfolio construction

• Create planning frameworks that explicitly connect investment strategies to personal milestones

• Regularly revisit life goals as a standard part of review meetings, not just portfolio performance

  
  

2. Educational Partnership Without Condescension

Research finding: 73% of women report having experienced condescension from financial professionals, yet 84% of these same women rated "being educated, not lectured to" as extremely important (UBS Investor Watch, 2022).

The data challenges the persistent myth that women lack financial confidence. Instead, what women often lack is financial literacy - not because of capability but because of systemic exclusion from financial education. The distinction matters tremendously in how advisors approach client education.

What this means for advisors:

• Create judgment-free zones for questions by normalizing the learning process

• Develop educational materials specifically designed to build financial literacy

• Explain the "why" behind recommendations, not just the "what"

• Check understanding without assuming incomprehension

  
  

3. Transparency in Fees and Processes

Research finding: Women are 45% more likely than men to research multiple advisors before making a selection, with fee transparency cited as a top evaluation criterion (State Street Global Advisors, 2022).

Women approach financial decisions with significant due diligence. They are not impulsive decision-makers with their money, despite stereotypes suggesting otherwise. This thoroughness extends to understanding exactly what they're paying for and why.

What this means for advisors:

• Make your fee structure crystal clear and justify your value proposition

• Document your planning process so clients understand each step

• Proactively explain how and why you're compensated

• Regularly review the services included in your fee structure

  
  

4. Recognition of Unique Financial Challenges

Research finding: Women express 37% more concern than men about outliving their money, reflecting the statistical reality of their longer lifespans and often interrupted career trajectories (TIAA Institute, 2023).

Women face distinct financial challenges including longer life expectancy, career interruptions for caregiving, and persistent wage gaps. Advisors who acknowledge and plan for these realities demonstrate valuable expertise.

What this means for advisors:

• Develop specific expertise in longevity planning

• Create resources addressing career interruption strategies

• Build planning models that address the wage gap's cumulative impact

• Understand the unique retirement challenges women face

  
  

5. Relationship Continuity and Depth

Research finding: Women are 2.7 times more likely than men to consider changing advisors when experiencing a major life transition such as divorce or widowhood (Spectrum Group, 2022).

Contrary to the stereotype that women are more relationship-loyal, research shows they will readily change advisors who fail to demonstrate value during life transitions. The common industry experience of losing female clients after their husbands die reflects relationship failures, not female indecisiveness.

What this means for advisors:

• Build relationships with both spouses in heterosexual couples, not just the husband

• Develop specific protocols for supporting clients through major life transitions

• Check in during non-financial life events to demonstrate broader care

• Create events and communications specifically for women clients

  
  

Implementing These Insights

Understanding these preferences is only the first step. Implementing them requires systematic change within your practice:

1. Audit your current client experience through the lens of these research findings

2. Survey your existing women clients about their experience with your firm

3. Revise your onboarding process to better address women's identified priorities

4. Update marketing materials to reflect your understanding of women's financial concerns

5. Invest in training for all client-facing team members on gender-inclusive communication

   
   

Beyond Stereotypes to Better Service

The research makes one thing abundantly clear: women don't want special treatment; they want thorough, respectful financial guidance that addresses their actual life circumstances. The firms that deliver this will capture a disproportionate share of the growing women's market.

By focusing on research rather than assumptions, advisors can build practices that naturally attract and retain women clients—not through pink-branded marketing materials or women-only events, but through substantive changes to how financial advice is delivered.

The opportunity is enormous, and the first step is recognizing that what women want isn't mysterious or complicated—it's simply good, client-centered financial advice.