The financial advisory industry is at a crossroads. Its workforce is overwhelmingly male and aging toward retirement, shrinking just as demand for financial guidance is reaching new heights. Despite a pressing need for fresh talent, the industry has long overlooked its biggest opportunity: increasing the number of women advisors.
Women are earning college and graduate degrees at higher rates than men and are on track to control $34 trillion—or 38%—of investable assets by 2030. They are increasingly the primary financial decision-makers in U.S. households, managing more of their own wealth than ever before. Despite their rising financial power, women remain vastly underrepresented in the advisory ranks—accounting for just 15% of financial advisors.
This disconnect has consequences. The number of advised relationships is expected to jump 34%—from 53 million to 71 million—by 2034, yet the industry is on track for a 100,000-advisor shortfall over the same period. At the same time, nearly 70% of women who inherit wealth switch advisors—not because they don’t need financial guidance, but because they feel their priorities aren’t understood. Many cite poor communication and an approach that doesn’t align with their long-term financial goals as key sources of dissatisfaction. Women tend to prioritize financial security, holistic planning and collaborative decision-making—areas where traditional advisory models have often fallen short.
To stay competitive, the industry must evolve. Firms that actively recruit, train and retain more women won’t just fill the advisor gap—they’ll strengthen their business. A more diverse advisor base means deeper client relationships, fresh perspectives in financial decision-making and a stronger pipeline of talent to meet rising demand. The impact goes beyond representation; research from Yale found that for every one percentage point increase in gender diversity, a firm’s market valuation rises by approximately $18.7 million. Simply put, firms that invest in hiring more women are making smart financial decisions—not just the morally right ones.
Attracting more women to the profession starts with modernizing how firms position the advisor career path. Eliminating outdated barriers like mandatory minimums and non-competes, leveraging technology for greater efficiency and providing clearer entry points can make the field more accessible.
Flexibility is one of the industry’s biggest selling points, and firms should embrace it to attract more women. A mentor once told me wealth management offered both career success and family balance—something I found lacking in investment banking. That proved true: managing client relationships gives me control over my schedule, allowing me to be present for my four kids while meeting the demands of a high-stakes career. It’s a profession that requires responsiveness, but its flexibility makes the trade-offs worthwhile.
Despite the flexibility wealth management offers, careers in the field often require years of self-sufficiency before meaningful support kicks in. Establishing structured career paths that include mentorship, salary-based entry points and leadership training tailored to early-career female advisors can help[ bridge this gap. Providing a well-defined growth trajectory will help firms attract and retain top talent while ensuring the industry can meet rising demand.
Beyond representation, properly serving female investors may require firms to adapt their approach. Women want the same thing as men: to grow their wealth. However, they expect their advisors to understand their broader financial priorities, including family planning, career changes and long-term security. According to one survey, women are more likely than men to want to discuss work (78%), family (71%) and health (60%) in the context of financial planning. Yet, many advisors still rely on outdated strategies, like focusing solely on portfolio management and investment selection rather than a holistic approach considering a client’s complete financial life.
The firms that proactively recruit women, modernize advisor career paths and rethink client engagement strategies will be the ones to lead in this space. As the gender balance in finance continues to evolve, firms that take action now will not only attract and retain more female clients but also set themselves up for long-term success in a rapidly evolving industry.
