Focus On... Women in Wealth

Featuring Dawn Doebler, Senior Wealth Advisor at Focus Partners Wealth, Holly Mazzocca, President, Principal, and Wealth Advisor at Bartlett Wealth Management, and Adrienne Penta, National Head of Wealth Management at SCS Financial, this conversation examines how firms can better serve and support women as both clients and leaders. The series addresses critical topics, including women’s distinct financial journeys, opportunities to reimagine the client experience, the case for more female advisors, and more.

Segment 1: Women as Economic Powerhouses

As Wendy noted at the outset, “There’s a monumental shift in how we’re thinking about wealth today, as women control a larger share of wealth both in the United States and globally.”^[1]

The data supports that observation. In the United States, industry research indicates that women control 51% of personal wealth^[2] and more than $11 trillion in investable assets, approximately $5 trillion of which they control solely.^[3] As Adrienne observed, “Women are already economic powerhouses and big decision makers when it comes to how they invest assets.”

The Structural Drivers Behind This Growth

This transformation is not cyclical: it is rooted in enduring economic and demographic shifts that are reshaping wealth ownership. As Adrienne explained, “There’s really two primary reasons that women are accumulating wealth at this pace. One is that they’re earning it, and the other is that they’re inheriting it.”

While public discourse often centers on inheritance, women are increasingly generating wealth through income and entrepreneurship. Today, the Center for American Progress reports that 41% of women in the United States are the sole or primary breadwinner in their household.^[4] Women are also founding and scaling businesses at significant rates. Research from the National Women’s Business Council finds that women now control 14.5 million firms in the United States, representing 39.2% of all U.S. businesses.^[5]

At the same time, a historic intergenerational wealth transfer is underway. Cerulli Associates estimates that approximately $124 trillion is projected to change hands through 2048.^[6] Analysis by Bank of America Global Research suggests that women will ultimately assume full ownership of nearly 70% of that wealth.^[7]

Longevity trends further accelerate this shift. Research from McKinsey shows that married Baby Boomer women are typically two years younger than their husbands and live, on average, five years longer.^[8] In addition to spousal transitions, women are also inheriting from parents and grandparents. As Adrienne described it, “They’re really double inheritors.”

The implications for wealth management are significant. As women are poised to control the majority of wealth, the industry must consider whether its talent, service models, and engagement strategies truly reflect that reality.

In our next segment, The Case for More Female Advisors, we examine why representation within advisory firms will play a defining role in that evolution.

^[1] Disclaimer: The quotes in this blog have been edited for clarification and brevity. Any alterations made do not change the intended meaning of the original statements.

^[2] Bank of Montreal Wealth Institute (2015), Financial Concerns of Women. Report.

^[3] Center for Talent Innovation, Harnessing the Power of the Purse, 2015. Report.

^[4] Sarah Jane Glynn, Breadwinning Mothers Continue to Be the U.S. Norm, Center for American Progress, 2019. Article.

^[5] National Women’s Business Council, 2024 Annual Report. Report.

^[6] Cerulli Associates, Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048. Press Release.

^[7] CNBC, Women Will Get Most of the $124 Trillion ‘Great Wealth Transfer’. Article.

^[8] McKinsey & Company, Women as the Next Wave of Growth in U.S. Wealth Management, 2020. Report.