Two Thirds of Women Say They’re CFOs of the Household

Spread the word.

More women are discussing their finances and taking charge of money matters at home, according to a new Edward Jones survey. Financial advisors said that 72% of their female clients who found them through a referral specifically sought recommendations from other women. Two-thirds of women now consider themselves the “chief financial officer” of their family. That’s good news: It means more women are planning for retirement, which hasn’t always been possible, and it could open up new clients to financial planners. 

“Women speaking about money has always been hurdle No. 1 in financial services,” said Cameron Rogers, private wealth advisor at women-focused robo-advisor Ellevest. 

Early Birds

The next step is properly serving those clients. Advisors will need to have a certain empathy when working with women who may have missed years of retirement contributions because of responsibilities that took them out of the workforce, like child care, Rogers told The Daily Upside.

Another hurdle is getting more women involved in the advice industry, as they currently account for less than a fourth of Certified Financial Planners, according to the CFPB. However, Rogers said the field is becoming more welcoming to women, especially from a culture standpoint. 

“Entertainment used to mean drinks after work and big steak dinners,” she said. Now a handful of her wealth management clients agree that late-night soirées are off the table. “We might go do a fun workout dance class in the morning and grab breakfast while we look over their portfolio,” she said.

Man, I Feel Like a Woman. About 50% of millennial women and 65% of Gen Z women say they want to work with a female advisor, according to an Ellevest survey released in February. Oftentimes that’s because they want an advisor who understands the “why,” said Barbara Pierce, the founder of Women With Capital. 

If clients worry how climate change will affect their children and grandchildren’s lives, they want advisors who can help them invest in alternative forms of energy, Pierce said.

“It’s really about their personal goals rather than just outperforming the S&P 500,” she told The Daily Upside, “although that’s good too.”