You may still work with clients where your primary contact (and the primary decision-maker) in the couple is the man. But be careful to always address both of them, and make a special point of engaging the woman in the duo, even if she seems reticent.
At the recent 2025 Trust & Will estate-planning conference, wealth management leaders emphasized the importance of engaging female spouses, who are often quieter in client meetings and sometimes referred to as the “silent spouse.” But that silence is costing firms real business. With a massive $124 trillion wealth transfer on the horizon, women are set to receive the most of that wealth, and a whopping 81% of heirs are projected to change firms and advisors after inheriting money.
So, why do women leave advisors and hire new ones?
Widows and divorcees tend to say things like:
- “I hardly knew him; he spoke mostly to my husband.”
- “He treated me like I was an extension of my husband.”
- “I just couldn’t relate to him; all he spoke about was rates of return.”
- “He didn’t really listen to me and I felt patronized when I asked questions.”
- “He assumed that the account would stay with him – I found that offensive.”
Female clients want advisors who take the time to understand them and listen to them. While women are increasingly recognized as the new face of wealth, despite this, many industry players are still missing the mark when it comes to connecting with them. As women earn more, inherit more, and invest more, financial advisors and the wealth management industry must adapt to better meet their needs.
Jennifer Povlitz, vice chair of the Global Wealth Management U.S. division at UBS, noted that meeting with both partners early on isn’t just a good practice. It may dramatically increase the chances of retaining the relationship through major transitions. It can also generate additional business, as women, on average, give 2-1/2 times more referrals than men.
Povlitz highlighted that women will receive three-quarters of inheritances, yet 75% change advisors after a spouse’s death or divorce. This underscores a business risk of neglecting them, and according to Povlitz, that’s not a client-retention problem, it’s an engagement problem.
Scott Ford, president of wealth management at U.S. Bank, added, “The reality is, this industry, just generally, has not done a very good job serving the needs of women,” He also noted that women also tend to be more conservative investors and underestimate their financial confidence, which is the opposite of men.
While advisor relationships with women have improved, gaps remain. Female clients across generations exhibit diverse behaviors, financial goals, technology comfort levels, and service expectations, which make targeted approaches essential.
And it’s not just about bringing more women into the client roster. It’s also about bringing more women into advisory roles. A 2025 McKinsey & Company report found that firms focusing on hiring women advisors, particularly those who may be better connect affluent women clients, are set to become the “new face of wealth.”
Women represent roughly 50% of the U.S. population yet only 18% of financial advisors. Advisors overwhelmingly agree that women advisors improve client acquisition and retention, especially among women clients who prefer an advisor with shared life experiences.
Women clients tend to prioritize long-term financial planning, budgeting, philanthropy, education for children, caregiving responsibilities, and generational wealth transfer. Women advisors, often more attuned to these preferences, offer more tailored guidance.
Demographic shifts, driven by both affluent women and next-generation millennial clients, present significant opportunities and challenges for advisors. The number of affluent women in the U.S. is rising, fueled by higher education levels, narrowing wage gaps, increased workforce participation, and the large wealth transfer from baby boomers. This is especially impactful because women tend to outlive men.
Women currently control about one-third of retail financial assets in both U.S. and E.U., and this share is expected to rise to 40-45% by 2030. Despite this growth, women remain less likely than men to use financial advisors. As a result, 53% of female-controlled assets unmanaged. This gap represents a $10 trillion opportunity, making women one of the largest untapped and overlooked opportunities in wealth management.
Women aren’t the emerging market; they are the market. And the era of the “silent spouse” is coming to an end. Firms and wealth managers that adapt now will be well positioned as women take center stage in global wealth.
Call Quantum at 800.440.1088 to discuss how to engage and appeal to women. We offer coaching as well as multiple guaranteed insurance and annuity strategies that can help women address their financial priorities for themselves, as well as their parents, children, grandchildren, and chosen charities.
Insurance products are contracts between a consumer and an insurance company. Guarantees are provided by contracted insurance companies, backed by their financial strength and claims-paying ability.
Sources:
https://am.gs.com/en-us/advisors/insights/article/2025/women-investing-insights-advisors
https://www.financialadvisoriq.com/c/5016084/699804/talk_those_silent_spouses_wealth_execs_suggest
https://www.celent.com/en/insights/555187137
https://www.capitalgroup.com/advisor/insights/articles/empowering-female-clients.html
With almost 15 years in the financial services industry, Kyle has become one of the top consultants in the industry. His passion is helping advisors grow by leveraging their strengths and helping them improve on any areas of weakness.
