INVEST IN WOMEN | WOMEN IN PLANNING
Financial, underscored that a one-sizefits-all approach to financial planning won’ t work with women, whose needs vary greatly according to their life stages and experiences.“ A woman in her 60s has different concerns than one in her 30s. Understanding these nuances is critical,” Piehl said.
It’ s a sentiment that was echoed by another panelist, Liz Miller, founder of Summit Place Financial Advisors and current chair of the CFP Board. She noted that younger generations of women are far more financially engaged than previous ones.“ They’ re eager to learn and take control,” Miller said. According to CFP Board research, women want to work with advisors who are competent, explain things clearly, show empathy and partner with them.
Advisors must also recognize that women who’ ve built their wealth and those who’ ve inherited it have different experiences.“ Earners tend to be more focused on whether they can recreate their success and may be reluctant to relinquish investment control,” said Piehl.“ Inheritors, on the other hand, often face a steeper learning curve and look for education and empowerment.”
The myth that women are inherently more risk-averse continues to fade. Another panelist, Erinn Ford, the executive vice president of advisor engagement at Osaic, said this about women and risk:
“ It’ s not that [ women are ] risk-averse— they want education. And when we provide it, we often find their risk tolerance aligns closely with male clients.”
— Liz Miller, Summit Place Financial Advisors
“ It’ s not necessarily about risk aversion— it’ s about purpose. Women often think holistically about their wealth, especially in terms of legacy, caregiving and supporting others.”
Standardized risk questionnaires often fail to capture these deeper motivations.“ It’ s not that [ women are ] risk-averse— they want education. And when we provide it, we often find their risk tolerance aligns closely with male clients,” added Miller.
Stack emphasized that this isn’ t just about numbers— emotional intelligence is equally important.“ Creating an environment where women feel comfortable expressing their goals and fears is essential to successful wealth management.”
Advisors must also consider generational differences. Older women may value traditional advisory relationships, while younger clients are increasingly tech-savvy, demanding transparency, real-time access and digital financial tools.
“ Younger women today are confident, involved in investment decisions and want tools that give them control,” said Miller.“ The barriers of past generations are dissolving— but that means we have to evolve, too.”
Piehl agreed:“ We need to be fluent in both traditional and modern approaches. Digital engagement is a must— not just as a convenience, but as a core component of the advisory relationship.”
The shift toward female-directed wealth is also emotional. Many women— especially those who have come into wealth through loss of a loved one or divorce— are not just managing assets. They’ re navigating life transitions.
“ It’ s about more than money,” said Ford.“ We must consider the psychological aspects of wealth. Advisors should focus on building relationships that foster trust and empowerment.”
Women don’ t simply want financial plans— they want advisors who help them feel confident in their decisions, who respect their values, and who are willing to act as partners in both strategy and support.“ Whether clients are inheriting or earning wealth, many are asking the same question:‘ Am I doing it right?’” Miller said.
30 | FINANCIAL ADVISOR MAGAZINE | JUNE 2025 WWW. FA-MAG. COM