Women are a key part of the investing equation. They make up half the population, are often the decision makers in American households, and are perhaps better investors than men, even.
These are just a few reasons why it’s critical that financial advisors work effectively with women. But in a field where the stereotype that men are better at or handle the finances still pervades, how do they do that?
Confidence Built on Education & Empowerment
“Building financial confidence isn’t just about investments—it’s about education, empowerment, and creating a safe space for meaningful conversations,” said Bob Chitrahorn, CPFA, vice president of wealth planning at Simplified Wealth Management. “I’ve met many women who, for various reasons, have never had to manage their finances before or simply don’t feel confident making financial decisions on their own.”
He had a successful female business owner recently who built her business from the ground up but was worried she would mess up her finances. Perhaps it’s the stereotype that women aren’t good at math giving them imposter syndrome or a lack of education that impacts their financial confidence.
“I knew that throwing a pile of financial jargon at her wouldn’t help,” Chitrahorn explained. “Instead, we took it step by step—starting with the fundamentals of wealth preservation, risk management, and smart investing. The goal wasn’t to overwhelm her but to empower her. And I watched as her confidence grew. Soon, she wasn’t just making decisions; she was asking bigger-picture questions—how to structure her wealth not just for today, but for future generations.”
Be Open To Their Questions
Alan Gorlick, chief executive officer of Gorlick Financial Strategies, noted that throughout his tenure as a financial advisor, he has noticed that women tend to ask more questions about investments and financial planning than men.
“If four men are playing golf, and one recommends an investment, the others may jump in or decline, but their questions, if they exist at all, are likely to be about the excitement of the investment itself,” Gorlick noted. “Same set-up, four women. They will ask why it is right for them. How has it done? Who else is at the party? Then they might also ask about the exciting features.”
Gorlick works with his clients to help women feel welcome to ask questions and makes sure the women he works with are comfortable with the financial decisions they have made.
“The strategy is to encourage those questions, answer them fully, and offer genuine reassurance,” he said. “It’s a mistake to assume that if she is the silent partner, she has no concerns. Also, follow the rules. If the investments are in her name, such as her IRA, her spouse cannot speak for her unless he has a power of attorney, which is rare.”
Chitra Patel, founder of WealthWorth, has at the heart of her firm’s mission building financial confidence, which when it comes to women involves financial flexibility as they juggle their careers, family and caregiving.
“Our approach is rooted in education, strategy, and partnership,” Patel said. Most importantly, we foster open conversations—whether it’s about negotiating salaries, investing for growth, or preparing for life’s ‘what-ifs.’”
Patel recognizes that for many women gaining confidence in their financial prowess takes times, but she encourages them that “with the right knowledge and support, women can take control of their financial futures.”
Maximize Their Estate Planning
“Statistically most women outlive most men and need to have this addressed as a potential outcome in any plan that is created,” noted Domenick D’Andrea, AIF, co-founder of DanDarah Wealth Management. “Making sure that assets can be best transferred to your significant other and your children starts with proper planning.”
Helping women achieve their estate planning goals includes acknowledging that they often think differently about what’s important to them than their male counterparts.
“While men may emphasize financial and tax considerations, women tend to focus on family, legacy, and securing the future for their loved ones,” Chitrahorn said. “Many of my female clients prioritize ensuring the well-being of their children, aging parents, or meaningful charitable causes. They also ask thoughtful questions about the emotional and practical aspects of estate planning, seeking a holistic approach that goes beyond just numbers.”
Patel concurred that women tend to focus on their loved ones’ futures but also noted, “However, we also see hesitation—whether due to lack of time, uncertainty about legal complexities, or cultural expectations. To address this, we tailor conversations to focus on education, empowerment, and execution. We break down estate planning into manageable steps, emphasize the importance of beneficiary designations and healthcare directives, and ensure they feel confident making informed decisions. By providing a roadmap and facilitating discussions with family members, we help women move from ‘I’ll get to it someday’ to ‘I have a plan in place.’”
Women also tend to prefer a collaborative approach to estate planning, engaging their adult children in the process, Chitrahorn has found.
With all this in mind, advisors should keep in mind that women aren’t a monolith and not all women have children or want to focus on inheritances when they discuss estate planning.
“Estate planning for single women is as vitally important [as those with partners],” said Matthew Ricks, CFP, founder of Haystack Financial Planning. “Part of estate planning is naming people who can make medical and financial decisions on their behalf if they are incapacitated. With couples, the default is usually their spouse or partner. For a single woman, who are those trusted individuals who will act in their best interest?”
Advisors working with women have an important role to play and must embrace their differences from their male counterparts to serve women appropriately. With 71 percent of women holding investments in the stock market, according to Fidelity, this is a crucial demographic to serve for advisors’ future growth.
Here’s a strong ending that ties everything together while reinforcing the importance of empowering women in financial and estate planning:
A Future Built on Confidence and Collaboration
Women are not only a vital force in financial decision-making but also a growing influence in wealth creation and legacy planning. By fostering financial confidence through education, embracing their unique perspectives, and providing a tailored approach to estate planning, advisors can help women take control of their financial futures with clarity and assurance.
Ultimately, when women are empowered to make informed financial decisions, the benefits extend far beyond their own lives. Families are strengthened, generational wealth is more thoughtfully preserved, and communities thrive. Financial advisors who recognize and embrace this shift will not only better serve their clients but also play a pivotal role in shaping a more financially confident future for all.
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