Our Team is Prepared for the Gender Wealth Shift

January 31, 2024

According to a McKinsey & Company report, men are the primary financial decision-makers in two-thirds of affluent American households. This male dominance extends to the industry itself, where women constitute only 15% of financial advisors across various channels.

However, the landscape is changing rapidly. Women typically outlive men by about five years, often inheriting their spouse’s financial assets. By 2030, it’s projected that American women will control a substantial portion of the $30 trillion in financial assets currently held by baby boomers.

There’s also a noticeable shift in the younger, affluent female demographic. Compared to five years ago (2015), there’s a 30% increase in married women actively making financial and investment decisions. (You can read the full McKinsey report here.)

This evolving dynamic is a pivotal moment for wealth management service firms. When women assume control of household finances, they frequently seek new wealth management relationships that align more closely with their needs. Notably, 70% of women change their wealth management provider within a year of losing their spouse.

Many leading companies have started to shift gears by offering new products, hiring more female advisors, and launching financial literacy and community outreach events. At Litman Gregory Wealth Management, we’re ahead of the curve, with women making up 50% of our team. Two of our senior advisors, Gretchen Hollstein, CFP® and Monica Muñoz, CFP®, have been named by Forbes as Top Women Wealth Advisors Best-in-State for the past two years.

Our entire wealth management team strongly believes in forging deep relationships with our clients to understand and cater to their long-term financial needs. We also understand that women have distinct financial needs and goals and require unique solutions tailored to their specific requirements.

Thank you to all our senior women advisors at Litman Gregory Wealth Management; Cynthia J. Morris, CFA, CFP ®Lesley E. Cannan, CFP®, CPWA®, AIF®Gretchen Hollstein, CFP® and Monica Muñoz, CFP®for their hard work and dedication.

~ Jeff Seeley, CEO Litman Gregory Wealth Management

 

Important Disclosure:
For general informational purposes only. This article is not intended to provide specific financial, accounting, compliance, regulatory or legal advice. The subject matter is current as of the date of the event.
This discussion is solely for informational purposes and shall not constitute an offer to sell or the solicitation to buy securities. The opinions expressed herein represent the current views of the author(s) at the time of publication and are provided for limited purposes, are not definitive investment advice, and should not be relied on as such.
The information presented in this report has been developed internally and/or obtained from sources believed to be reliable; however, Litman Gregory Wealth Management, LLC (“Litman Gregory” or “LGWM”) does not guarantee the accuracy, adequacy or completeness of such information. Predictions, opinions, and other information contained in this article are subject to change continually and without notice of any kind and may no longer be true after the date indicated.