How have the ways women approach financial decisions changed over recent years?

Women’s growing economic influence across all generations has been one of the most significant shifts within our economy across recent decades. Through both wealth creation and inheritance, women are set to control more than two-thirds of private capital in the U.S. by 2030. While this new dynamic represents great progress toward our financial equality, the reality is that over half of us still defer long-term financial decisions to our male spouses. And surprisingly, recent studies show Millennial women are doing more than any other generation. A primary reason is a lack of confidence — a belief that men know more about investing. To change this mindset, we have to take action. Leading by example to expand our knowledge, share our stories and engage women of all ages will lead to teachable moments that empower us — and future generations — to build confidence around all aspects of our wealth.

How is the wealth management industry falling short addressing women’s unique needs? And what is Northern Trust doing to help solve for this.

Women are one of the fastest growing wealth segments for wealth management firms. Traditionally, the financial services industry has had trouble connecting with women because of a flawed approach. So rather than pink-wash marketing materials and pander to stereotypes, Northern Trust is taking a different approach. Elevating Women is mission-driven and centered around the economic empowerment of women. Rooted in three pillars — community, inspiration, and education — Elevating Women is building communities across the country where women of all ages and backgrounds can come together, share both their successes and challenges, and learn from each other and experts about the topics that are key to their overall financial success — like the sale of a business, raising fiscally responsible children, navigating the loss of a spouse, retirement, philanthropy, and building a legacy. We are engaging with these communities in a variety of ways, including intimate roundtable discussions, signature retreats and curated insights delivered through our Elevating Women Magazine. We’re providing education and tools to help women assess their own situation, advocate for what they need and make informed financial decisions both now and in the future.

"Rooted in three pillars — community, inspiration, and education — Elevating Women is building communities across the country where women of all ages and backgrounds can come together, share both their successes and challenges, and learn from each other and experts about the topics that are key to their overall financial success."

As a female leader in your industry, what opportunities do you see for the wealth management industry to better meet the needs of female clients?

Regardless of marital status, age or career path, each one of us will face life transitions — unexpected or expected — ranging from divorce or widowhood, to the sale of a business, career change or retirement. Advisors need to deeply understand the unique needs, behaviors and preferences of women across all personas (i.e., executives, business owners, retirees) when it comes to managing their wealth. Our goal is to continue to develop a broad array of resources and tools to help Northern Trust lead the country in delivering tailored advice that helps women successfully meet their goals and empowers them to build confidence in their own financial literacy.