Women are part of a shifting financial services landscape. Discover why they are rapidly becoming a financial force, what they want from their financial professionals, and how you can build lasting client relationships with this powerful cohort.
Women control nearly $10 trillion in U.S. wealth—a figure projected to triple to $30 trillion by 2030, largely through wealth transfer.1 In addition to controlling wealth, more women are starting businesses—nearly half (49%) of new business in 2024 were started by women, a 69% increase in five years over the 2019 figure.2 Their businesses produce more than $1.2 trillion annually and employ more than 11.6 million people.3 These women can be financially savvy and looking to grow their businesses and income. This demographic shift is reshaping the financial landscape, presenting a potential challenge for any financial professional whose client base has been comprised largely of men. Women tend to think differently about what they want when it comes to engaging and staying with a financial professional.
Women Want Real Connections
Research shows that 44% of women consider it extremely important for a financial professional to learn about them as individuals.4 Nearly 40% feel patronized by financial professionals, highlighting a gap in how the industry communicates and connects.2 Build a rapport with women by:
- Asking about their lives and showing genuine interest in what matters to them.
- Getting to know the entire family, including spouses and adult children.
- Communicate caringly, avoid abruptness, and connect with clarity, openness, and thoughtful explanations. Be sure that any marketing materials avoid using gender stereotypes.
Important: If you work with both a husband and wife, make sure you address both as equals in meetings and communications. For example, address correspondence to both. Avoid setting up accounts under a husband’s name until you ask their preferences. Don’t assume the man is primarily responsible for household finances—often they are not.
Are You at Risk of Losing Female Clients?
The stakes are high: 80% of women switch to a new financial professional within a year of their spouse’s death.5 Additionally, 35% of women are likely to switch after a bad experience, compared to 30% of men.6 These statistics underscore the importance of building trust and delivering exceptional service.
Address the Challenges that Women May Face When it Comes to Financial Health
Women face distinct financial challenges. They generally outlive men but earn less, often spending more time caring for children and elderly parents, which can lower their lifetime earnings. But it’s not just lost wages; lower lifetime earnings can impact women’s Social Security retirement benefits and retirement savings.
Whether married or not, women should be saving for retirement on their own. Widowhood and divorce are real possibilities. If your women clients are unable to contribute to an employer plan, consider discussing the benefits of an annuity with potential for growth and guaranteed income for life.
Personalize Your Approach
Less than 24% of women feel confident in their market knowledge, and less than 33% feel comfortable choosing investments.7 Successfully helping them build confidence in their financial futures means taking a personalized approach:
- Focus your outreach on addressing women’s unique challenges—saving for retirement, longevity, medical expenses, widowhood, and potential income loss resulting from caregiving responsibilities.
- Adapt your approach for single, married, divorced, or widowed clients. Each scenario requires a tailored plan.
- Help build financial knowledge and confidence by sharing information and inviting clients to educational events.
- Offer tips on budgeting, salary negotiation, college planning, and retirement catch-up strategies.
Adding and Retaining Female Clients Means Understanding Their Needs
Women will inherit wealth and are increasing their financial success. Strong, established relationships with women as both spouses and independent individuals allow you to offer customized guidance. Understanding and addressing their specific needs and wants is key to building lasting relationships and improving their ability to establish and/or maintain financial security.
ACTIONS YOU CAN TAKE RIGHT NOW
- Review your client communications and marketing materials for gender bias and stereotypes.
- Host seminars or webinars focused on women’s financial challenges and solutions.
- Tailor financial planning to address caregiving, longevity, and income gaps.
- Reach out to your Pacific Life wholesaler or click on the first link below to learn more about our WealthWise Women materials to support your efforts.
For more information about retirement-planning, please contact our Retirement Strategies Group at RSG@PacificLife.com or (800) 722-2333, ext. 3939. PacificLife.com
1Shammas, Brittany. “The Wealth Transfer from Baby Boomers Mostly Benefits Women,” Washington Post, January 16, 2024.
2Gusto Insights Group. “2025 New Business Formation Report: Women Are on Par with Men as Side Hustles and Remote Work Decline.” April 3, 2025.
3Founder Reports. “Female Entrepreneur Statistics: What the Numbers Reveal.” January 17, 20026.
4Advisor Advancement Institute. “Attract and Retain Women Investors: Women & Investing Analytical Report.” New York Life Investments. June 2021.
5Francis, Stacy. “Op-ed: The loss of a spouse or partner creates huge financial risk. Here are tips to protect your money.” CNBC. April 27, 2022. Last updated October 7, 2024.
6Merrill. “Seeing the Unseen: The role gender plays in wealth management and what our four-part study revealed.” Bank of America Corp. April 2024.
7Advisor Advancement Institute. “Inspiring Women by Partnering in Their Financial Growth.” New York Life Investments. January 2024.
This material is intended for financial professional use only. If you are not a financial professional, please visit our public website at PacificLife.com.
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No bank guarantee • Not a deposit • Not FDIC/NCUA insured • May lose value • Not insured by any federal government agency
For financial professional use only. Not for use with the public.