Focus On... Women in Wealth Segment 2

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 segment explores the growing need for greater representation within the advisory profession and what it will take to better align talent with a changing client base.

The Case for More Female Advisors

As trillions of dollars transfer across generations in the coming decades, women will control an increasingly significant share of global wealth. That shift is already reshaping client expectations, financial priorities, and the way advice is delivered, yet the advisory profession itself has not kept pace.

As Wendy noted during the conversation, “Women will inherit and assume full control of 70% of the $124 trillion in wealth being transferred through 2048, yet the industry hasn’t always served them well. Why is that, and how can we do better?”^[1]

Representation Matters

One of the central challenges lies in representation within the advisory profession itself.

As Holly explained, the wealth management industry remains far less diverse than the client base it serves.

According to research from McKinsey, only about 15% of financial advisors in the United States are women,^[2] a figure that has not shifted significantly in recent years. Data from the CFP Board similarly shows that just 23% of Certified Financial Planner™ professionals are women.^[3] At the same time, the profession is aging: more than 40% of advisors in the United States are over the age of 55.^[4]

These dynamics create a growing disconnect between advisors and the clients they serve. As Holly noted, “There are certainly historical standards that have precluded our industry from being diverse, especially in the advisor seat.”

That gap has tangible consequences. Research from the Center for Talent Innovation indicates that 51% of women—and 72% of women under 40—say their advisor does not fully understand them.^[5]

When advisory teams better reflect the diversity of their clients, the impact can be significant. Studies show that diverse teams are more likely to understand client needs and develop solutions that resonate with them.^[6]

For the wealth management industry, this represents both a challenge and an opportunity: building teams that better reflect the people they serve may be essential to delivering more relevant and innovative advice.

Building the Next Generation of Advisors

Addressing this gap requires rethinking how the industry attracts new talent, especially women.

As Dawn explained, “We need to start early. We’re losing talent before college.”

Reaching students while they are still forming ideas about potential career paths is critical. High school outreach, career days, mentorship programs, and apprenticeship-style experiences can introduce young people to wealth management before they select a college major or professional track.

Equally important is how the industry describes itself. “We need to provide language and messaging that wealth management is not just about the numbers,” Dawn noted. “It’s actually a loyalty and relationship business.”

Helping students understand that advisory work centers on trust, communication, and long-term relationships can make the field more accessible and appealing to a broader range of candidates.

The Role of Mentorship and Career Development

Mentorship is another powerful tool for expanding the pipeline of female advisors.

As Holly emphasized, “It’s often those mentors that point out to younger women… that there’s potential for them to become an advisor, potential that maybe the individual didn’t even see in herself.”

At the same time, developing stronger client relationships is not solely about increasing representation. It also requires equipping all advisors with stronger listening and relationship-building skills.

“It’s about understanding a client’s motivations, hopes, and dreams,” Holly noted, “and helping bring those to life through the work that we do.”

Wendy summarized this philosophy as leading with a “servant-heart mentality.” “You’re there to serve people,” she said.

The Impact of Language on Talent Attraction

Another important factor is how the industry communicates about advisory roles, particularly in early touchpoints like job descriptions.

“If we want to attract more women into advisory roles, we have to start with how we talk about the job,” Dawn explained. “The language that we use is very important. We need to be careful about making sure we don't unintentionally use terms that might dissuade women from applying for positions."

Adopting neutral and inclusive language in hiring materials is a simple but meaningful step toward broadening the candidate pool.

Looking Ahead

In our next segment, Women’s Unique Financial Journeys, we examine how structural differences in women’s financial lives shape long-term planning and wealth-building strategies.

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

^[3] CFP Board Center for Financial Planning (2025), Diversity Statistics for the Financial Planning Profession.

^[4] Cerulli Associates (2024), U.S. Advisor Metrics: Demographics and Workforce Trends.

^[5] Center for Talent Innovation (2015), Harnessing the Power of the Purse.

^[6] Smedley, T. (2014), The Inclusive Workplace, Financial Times Report.