What You Need to Know About Women and the Great Wealth Transfer

Money is power, and over the next two decades an estimated $124 trillion will move from Baby Boomers and older Americans to younger generations in the U.S.

This isn’t just numbers on a balance sheet. It’s a reshaping of who holds financial influence, how assets are invested, and what priorities rise to the surface. For financial institutions, it’s an unprecedented opportunity—but only if they understand how women are handling this new wealth.

For decades, men have controlled most of the family finances. Today, women are living longer than men by an average of five years and are increasingly the final decision-makers on how assets are managed or distributed.

This shift is especially significant given the sheer scale of the wealth transfer underway.

Of the estimated $124 trillion set to swap hands, $54 trillion will first go to surviving spouses—95% of whom will be women. Eventually, as those assets move again, younger women are projected to receive $47 trillion.

These aren’t just numbers from some studies, either. Real-world stories, like illustrated in the Wall Street Journal about attorney Mary Schinke, are piling up as the Wealth Transfer begins.  After her husband’s death in 2019, she immediately changed financial advisers, despite her legal background, because investment management “hadn’t been my role,” during their 32-year marriage.

The Wall Street Journal also reported on Michelle Taylor’s experience, where inheritance disputes with her late husband’s children from a previous marriage led to family estrangement—a scenario that highlights how poorly managed wealth transfers can fracture relationships.

For Janet Bridgford, her husband’s death in 1993 left her with half his wealth and his pension. According to The Wall Street Journal, Janet started investing conservatively, opting for a portfolio of 60% in stocks and 40% in fixed income, before gradually building her expertise and placing 80% in stocks.

These stories aren’t unusual. Transamerica reports that 70% of women change advisers after a spouse dies. For financial institutions, that moment of transition is when trust can either be built or lost.

Why Financial Institutions Need to Rethink Strategy

Women often make different choices than men when they inherit wealth. Research shows they are more likely to redirect money toward long-term healthcare, legacy planning, and charitable giving. Bank of America found that men are twice as likely to become involved in philanthropy because of their spouse or partner’s influence.

Numbers tell part of the story:

• 45% of women report feeling overwhelmed by managing personal wealth.
• 84% lack confidence when it comes to handling an inheritance.
• 35% don’t have an estate plan, compared to 24% of men.
• 41% had opened an investment account by age 21.
• 24% of Gen Z women have yet to solidify their wishes for after their death.

These gaps point to a simple truth: financial institutions cannot treat women as an afterthought. The Great Wealth Transfer is also a great trust transfer. Banks, credit unions, and wealth managers who want to remain relevant need to focus on:

• Relationships over transactions. Build intergenerational connections now—before the handoff of wealth.
• Protection products. Life insurance, disability coverage, cyber protection, and even lifestyle products like home warranties or pet insurance are increasingly attractive to women looking for peace of mind.
• Personalized and embedded offers. Data-driven targeting that delivers timely, relevant options  and convenient offers embedded into relevant places.
• Empowering communication. Clear, jargon-free education can help women step confidently into financial leadership roles.

Wealth Managers vs. Retail

The coming Great Wealth Transfer is poised to reshape the high-net-worth and ultra-high-net-worth landscape in profound ways. As trillions in assets shift hands—often across generations—demographics will take center stage, with women playing an increasingly pivotal role as financial decision-makers.

This shift invites a re-examination of traditional segmentation models. It’s no longer sufficient to think in binary terms of retail versus wealth. There’s a growing opportunity—and necessity—to thoughtfully engage those in the “emerging affluent” category, who may not yet qualify as full advisory clients but are on the trajectory to become them.

Offering solutions like insurance, values-based investment options, or digital estate planning tools at this stage can be a strategic way to build early trust. Importantly, this doesn’t mean stretching internal teams thin—it’s about leveraging partnerships and platforms that can handle operational complexity, allowing your team to focus on high-value relationships.

One of the most impactful long-term plays will be fostering intergenerational relationships. As wealth passes from parents to children—or between spouses—continuity of advice and trust becomes critical. Advisors who take steps now to build rapport with next-generation inheritors, including daughters, daughters-in-law, and widows, will be better positioned to retain those assets over time.

Collaboration across business lines—particularly with retail investment and insurance arms—can help deliver a more seamless, tiered service model that meets clients where they are today, while preparing them for tomorrow. Personalization, estate planning, and values-aligned financial strategies are becoming core expectations, not fringe offerings.

Finally, with women controlling more wealth than ever before, the industry must do more than acknowledge this trend—it must act on it. That includes succession plans that increase the representation of female advisors and investing in a deeper understanding of women investors’ goals, concerns, and communication preferences.

The financial institutions that adapt to this evolving landscape—thoughtfully, inclusively, and proactively—will be the ones that lead in both retention and growth during this generational shift.

Who Wins—and Who Could Be Left Behind?

The Great Wealth Transfer is more than a redistribution of dollars: it’s a redistribution of influence. Women like Mary Schinke, Michelle Taylor, and Janet Bridgford show how wealth transitions can be moments of empowerment, family fracture, or newfound generosity.

Financial institutions that step up to guide, protect, and partner with women during these transitions won’t just see revenue growth. They’ll help ensure that this historic wealth shift becomes a legacy of security, confidence, and connection.

The question isn’t whether women will lead this financial revolution. The question is: Will your institution be ready when they do?

*The Wall Street Journal, “Baby Boomer Women Are Now Deciding the Fate of Trillions of Dollars” by Oyin Adedoyin and Katherine Hamilton; Jan. 18, 2025.