Finance Leadership Drives Confidence Among Women – Beacon Pointe

The Survey Findings

The survey of more than 10,000 female advisors, issued by Beacon Pointe Advisors, reveals that only 31% of respondents feel highly confident managing their finances. However, those who take charge of financial decisions are three times more confident.

Implications for Wealth Management

With women inheriting 70% of wealth being transferred due to their superior longevity, wealth managers, private banks, and advisors need to adjust their offerings, recruitment, and approach. This shift is particularly significant in developed countries where women are expected to inherit 70% of wealth.

Global Trends

• Global financial wealth increased by 43% between 2018 and 2023.
• The amount of wealth controlled by women rose by 51% during the same period.
• In the European Union and US, women control approximately one-third of all retail financial assets.
• This share is expected to rise to 40-45% by 2030.

Women's Desire for More Financial Space

Nearly 40% of women surveyed want more space to focus on their finances. When women become more involved in financial decisions, they ask different questions, make more informed choices, and become more confident over time.

Future Outlook

As more wealth shifts into women's hands over the coming decades, there is a growing opportunity for the industry to help women build confidence. This could potentially be one of the greatest opportunities facing the industry.

Industry Insights

UBS, the Swiss banking group, emphasizes the importance of changing the culture of the conversation around wealth management. Women are increasingly the long-term stewards of family wealth, yet they are still not always centered in planning discussions in a meaningful way. Longer lives bring both opportunity and responsibility, and women are often managing wealth later in life, often independently.