Women are generating, managing and investing more wealth in the U.S. than ever before. In fact, two-thirds of high-earning households today have women as primary or co-breadwinners for their families. And when looking at the rising generation of earners, 75% of women under 45 manage their own finances (Source: Merrill Lynch, Seeing the unseen: The role gender plays in wealth management, 2022). Considering women outlive men by an average of five years, these trends translate to significant and lasting gains in economic power, both in decision-making and investable assets.

So, what does this mean for wealth managers and advisory firms? While the core services that women need may not differ from their male counterparts, the approach must be nuanced in order to effectively support this important market segment.

The American College of Financial Services is excited to partner with Financial Advisor magazine to launch “Women In Planning,” a monthly column dedicated to the contemporary planning needs of modern women. The column is expected to launch late March 2023.

Over the decades, women have steadily increased their financial power. Women are earning more, learning more and making more financial decisions than ever before,” says Hilary Fiorella, executive director of the Center for Women in Financial Services at The American College of Financial Services. This initiative aims to arm the industry with the tools needed to better serve the significant market opportunity that women represent.”

Attracting and retaining female clients is critical to the growth of financial advisors and wealth management firms. By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers currently possess.

By all measures, women are, and will continue to be an attractive market. But, so far their needs have gone largely unmet,” says Evan Simonoff, editor-in-chief and editorial director of Financial Advisor magazine. Were excited to introduce our readers to vital knowledge that will empower them to more effectively support women clients and the industry at large.”

The first installment will detail how women lift other women—an important insight for everyone trying to attract, retain and develop female talent. This first edition will feature collected data from The College’s 2023 Women Working in Wealth Award nominees, compiled into a primer on how they mentored, sponsored, eliminated obstacles and created gender parity. The column will provide an array of actionable guidance that practitioners and leaders can put into practice immediately.

Each month, “Women In Planning” will feature women faculty from The College and associated with The College discussing a variety of planning topics from the perspective of the woman investor, including:

• Risk Management: How to assess and effectively coach women to incorporate risk into their financial plans.

• Longevity Risk: Learn about potential income sources and portfolio management composition to enable retirement assets to last throughout her lifetime.

• Sandwich Planning: How to assist women clients in planning for retirement while caring for aging parents or supporting adult children.

• Gender-Lens Investing: Actionable insight on building an investment plan that considers the preferences of women, including ESG, socially responsible and impact investing.

• Divorce Financial Management: Communicating and developing a financial strategy that helps women clients achieve the best possible financial outcome when divorcing, factoring in alimony, child support, asset transfer, basis and more.

The column will be featured in a monthly “Women In Planning” newsletter, alongside additional content from The College and Financial Advisor magazine.