Meeting Women’s Evolving Financial Planning Needs

Three ways advisors can build stronger relationships with women clients

by Suzanne Ricklin

Women control more wealth today than ever before, and that share is only growing. Cerulli Associates estimates that widowed spouses will inherit $54 trillion during the Great Wealth Transfer, with 95% of that wealth going to women.

Advisors recognize this shift and believe they are prepared to meet women’s evolving financial planning needs. In fact, according to a recent survey from the Nationwide Retirement Institute, 91% of advisors rate themselves as skilled at meeting the specific needs and expectations of women clients.

While women agree – 96% said their advisor has a plan to help them reach their financial goals – they are asking advisors to engage with them differently. Nearly three in 10 (29%) say their advisor sometimes ‘mansplains’ concepts to them in a way they don’t always appreciate and one in three say their advisor assumes they know less about finances than they actually do.

This disconnect presents a clear opportunity. I’m confident most advisors have both the technical expertise and the very best intentions when it comes to serving women, but that doesn’t mean they don’t have communication blind spots. Women are looking for a different kind of relationship, one grounded in listening, education and partnership.

Today’s environment makes meeting those needs especially important. Seventy-seven percent of women investors told us they are concerned about a U.S. economic recession, prompting many to question whether they can meet their retirement timelines or retire at all. Advisors who listen more effectively, educate more clearly and personalize advice can help women feel more confident about their financial future and build trust that lasts.

Here are three practical ways to start:

Start with questions, not explanations

Women want financial conversations to feel collaborative, not one-directional. The challenge is that many advisors may overestimate how well they are delivering on that expectation. While a majority say they are skilled at meeting women’s needs, only 37% report that they truly understand their women clients’ unique financial and retirement goals.

The takeaway is straightforward. Spend less time delivering answers and more time uncovering priorities. You can do this by asking better questions to explore how each client makes decisions. Focus on truly understanding what your women clients are worried about, what they value and what they want from the relationship. A client who feels heard is more likely to trust the advice that follows.

Make education a core part of the relationship

Women investors are looking for clarity and context, not just recommendations. In our survey, 44% said they want to fully understand their options, and 21% said they actively seek educational resources to help them understand financial strategies. That desire for education should not be surprising, especially considering today’s concerns about a recession and market volatility. Clients want help making sense of uncertainty.

Some advisors are already moving in the right direction. Four in 10 say they take time to educate women clients on financial strategies and ensure they truly understand their options. That is a strong start, but education should not mean overexplaining. The goal is to build confidence while not overwhelming clients with jargon.

Advisors can do that by presenting options clearly and inviting questions throughout the conversation. When clients understand the reasoning behind a recommendation, they are more engaged in the process and more confident in the plan.

Personalize advice around women’s real financial lives

Advisors cannot deepen relationships with women clients if they are relying on a generic planning model. The strongest relationships are built through advice that reflects the realities clients are actually navigating.

For many women, those realities may include longevity risk, caregiving interruptions, income planning needs or major life transitions such as divorce, widowhood or a career change. Advisors who tailor conversations around those experiences are more likely to build trust and deliver advice that feels relevant.

Our survey suggests some advisors are already doing this with intention. For example, women advisors are more likely than men to adopt practices aligned with what women clients say they want. Nearly half (47%) have developed strategies for women going through major life transitions, compared with 34% of men advisors. They are also more likely to seek direct feedback from women clients on how to improve service (40% versus 35%).

These may seem like small adjustments, but they reflect a meaningful shift in approach. Trust grows when clients feel heard and are confident you understand their circumstances. That may mean directly asking women clients how they prefer to communicate and what makes them feel most confident in the planning process.

It’s important to acknowledge that this data doesn’t mean male advisors can’t successfully counsel women investors; many are doing an excellent job at it. However, it does present an opportunity for advisors who want to show up their best for every client to evolve their practices with strategies inspired by their women colleagues and feedback from the women they hope to better serve.

Women clients are making it clear they want more than respect. They want a planning relationship built on understanding and partnership. The advisors who respond to that message can build loyalty, strengthen referrals and grow with an increasingly important client segment. The formula is not complicated: ask better questions, educate with intention and personalize advice around the realities women clients face.