Written by: Nadine Burgos

March marks Women’s History Month, a time to celebrate progress, but also to ask whether financial planning is truly meeting the mark.

Women are projected to control $34 trillion in financial assets by 2030, yet many advisors continue to approach women as if they are a single group (McKinsey & Company, 2025).

The reality is more complex. Women are a mosaic, shaped by different goals, experiences, and financial behaviors.

Understanding this isn’t just important for advisors building relationships, but for investors seeking guidance that actually reflects their lives.

The Problem: Oversimplifying Women Clients

To see where the gap exists, it’s important to first understand how women’s financial realities differ and why a one-size-fits-all approach often falls short.

Several data points help illustrate this disconnect:

  • Women in the U.S. live, on average, about five years longer than men, shaping long-term planning needs (Harvard, 2020).

  • A significant percentage, approximately 70%, of women change advisors within the first year after losing a partner (McKinsey & Company, 2020).

  • Many executive and high-earning women prefer working with advisors who understand their lived experiences (Carson, 2023).

  • A majority of clients, approximately 82%, say they value working with advisors who can relate to their background or life situation (Edelman Financial Engines, 2022).

Taken together, these insights point to a clear pattern: engagement is not just about performance, it’s about connection, understanding, and trust.

Rather than relying on broad “women’s programs,” as Dimple Shah shares in Investment News, a more effective approach is to engage women as individuals with distinct goals, values, and experiences.

In short, oversimplifying women clients doesn’t just limit personalization, it limits opportunity.

Moving From Awareness to Action

Recognizing the problem is only the first step. The bigger question is what advisors and investors should do differently moving forward.

Instead of trying to account for every possible difference, it can be more effective to focus on a few key principles that consistently shape how women engage with financial planning.

3 Things Advisors and Investors Should Keep in Mind

Instead of trying to cover everything, let’s focus on three practical considerations backed by research and real-world observation:

1.Goals often extend beyond traditional wealth metrics

When looking beyond assumptions, one of the first things that becomes clear is that financial goals are not always defined in traditional terms.

While retirement and long-term investing remain important, many women are also prioritizing:

  • Supporting family or caregiving responsibilities

  • Building or reinvesting in a business

  • Homeownership, stability, or community impact

These priorities can directly influence how financial strategies should be structured and communicated.

For advisors: Shifting discovery conversations beyond standard templates can uncover what truly matters to clients and lead to more relevant recommendations.

For investors: Clearly communicating priorities, especially those that go beyond numbers, helps ensure your plan reflects your real-life goals.

2. Relationship and relatability drive engagement

Beyond goals, the way advice is delivered and who delivers it plays a significant role in whether clients stay engaged.

Many women are more likely to work with advisors who:

  • Understand their personal or professional experiences

  • Can relate to their background or cultural context

  • Offer flexible, accessible ways to communicate and learn

This is where diversity within the profession becomes especially important. Increasing representation among women, including African American and Latina advisors, can help bridge gaps in trust and understanding.

At the same time, career changers entering financial planning often bring valuable perspectives from fields like accounting, education, or psychology, strengthening their ability to connect with a broader range of clients.

For advisors: Expanding how services are delivered, through workshops, small-group sessions, or educational content, can create more inclusive and engaging experiences.

For investors: Finding an advisor who understands your perspective is not just a preference, it can significantly impact the quality of the relationship.

3. Behavior shapes financial outcomes

Finally, even the most thoughtful financial strategy depends on something less visible but equally important: behavior.

Financial decisions are influenced by habits, life events, and changing priorities over time.

For many women, this includes:

  • Navigating major life transitions

  • Balancing multiple financial responsibilities

  • Prioritizing stability and flexibility

These factors often determine whether a financial plan is sustainable, not just whether it looks strong on paper.

For advisors: Paying attention to how clients make decisions, not just what they invest in, can lead to more effective, lasting strategies.

For investors: Understanding your own financial behaviors and being open about them allows for more realistic and adaptable planning.

Why This Matters for CFP Professionals and Investors

Stepping back, these insights connect to a broader shift happening within the financial planning profession.

Initiatives like the CFP Board’s Accelerate & WIN program aim to increase the number of women advisors and amplify diverse voices. While this progress is important, representation alone is only part of the solution.

True impact comes from pairing greater diversity within the profession with a deeper understanding of the diversity within the client base itself.

For advisors: This creates opportunities to build stronger relationships, improve retention, and better serve underserved segments.

For investors: It increases the likelihood of working with an advisor who understands your goals, background, and financial behavior.

Take Action This Month

As Women’s History Month encourages reflection, it also creates an opportunity to take meaningful action.

  • Reevaluate your current approach. Are certain perspectives or needs being overlooked?

  • Try one new strategy, whether it’s a different type of conversation, workshop, or educational offering.

  • Focus on connection, clarity, and behavior, not just portfolios.

Women are not a niche. They are a diverse and growing force in financial planning.

Advisors who recognize that and investors who seek out that level of understanding will be better positioned to build stronger, more meaningful financial relationships in the years ahead.

Related: Redesigning Budgeting — Why Budgets Suck and How To Fix Them

Nadine Burgos is a financial professional and entrepreneur pursuing her CFP certification, with a focus on helping women, Latinos, and underserved communities navigate financial planning. She brings a decade of client-facing experience spanning retail sales, banking, public accounting, and higher education administration, including teaching, research, and program management. Passionate about financial literacy, she teaches women through nonprofit programs and shares insights on business operations, entrepreneurship, and practical strategies for running your own business. She is a member of the FPA NexGen, NJ CPA Society, ALPFA, and AFCPE.