Then & Now: Over a Century of Commitment to Women & Wealth

Times have changed, but our approach to serving women has stayed the same.

Image: Louella Ensworth, Head of Northern Trust’s Women’s Department in the 1930s, organized lectures on banking at the bank’s headquarters and throughout Chicago, which were attended by hundreds of women from across the city.

The role of women in wealth has evolved dramatically over the past century, and Northern Trust has been at the forefront of this transformation. For over 135 years, we have remained dedicated to empowering women with the knowledge, resources and the strategies needed to take control of their financial futures.

As we celebrate the milestones that have shaped today’s wealth landscape, we reaffirm our unwavering commitment: to provide tailored advice, meaningful connections and innovative solutions that help women not only manage wealth — but build legacies, create impact and thrive across generations.

Then: Laying the Foundation for Women’s Financial Independence

Pioneering Financial Services for Women

In the early 20th century, Northern Trust recognized the growing financial influence of women — many of whom were beneficiaries of their husband's estates — and we began our lasting commitment by helping them prepare to manage inherited wealth.

As early as 1902, we launched a female-focused marketing campaign, marking the beginning of our century-long dedication to financial literacy, tailored advisory services and wealth strategies designed to support women’s financial empowerment.

The Introduction of a Women’s Department

The ratification of the 19th Amendment in 1920 marked a turning point, granting women greater political and financial autonomy. While many banks responded with new services and remodeled rooms designed to appeal to women, Northern Trust took a bold approach: it established a dedicated Women’s Department, a client service center staffed by women, for women.

Under the leadership of Edna Howard — and later, Louella Ensworth — the department provided female clients with financial literacy, investment guidance and banking services. Howard was the ﬁrst president of the Association of Chicago Bank Women, formed in 1923, and served as vice president of the National Association of Women Bankers, founded in 1921.

In 1922, Northern Trust hired Gertrude Coogan, the first woman to graduate with a master’s degree in business administration from Northwestern University’s School of Commerce. In 1925, she and fellow Northern Trust employee Lyman Greer were among the founding members of Chicago’s Investment Analysts Club, now known as the CFA Society of Chicago. A talented public speaker and writer, Coogan wrote books on monetary policy that gained national attention during the Great Depression and World War II, further cementing her influence in financial thought leadership. She would go on to testify before Congress, and lectured into her 80s.

A Timeline of Women & Wealth

1839 – Mississippi passes the Married Women’s Property Act, allowing women to own property independent of their husbands.

1862 – California grants women the right to open bank accounts under their own names.

1920 – The 19th Amendment is ratified, granting women the right to vote.

1929 – Before the 1929 stock market crash, it's reported that women outnumbered men shareholders at large companies like AT&T and General Electric.

1963 – The Equal Pay Act ensures equal pay for equal work.

1971 – The Supreme Court rules against automatic preference for men as estate administrators.

1974 – The Equal Credit Opportunity Act allows women to apply for credit without a male guarantor.

1988 – The Women’s Business Ownership Act allows women to secure business loans independently.

Now: Elevating Women’s Wealth & Influence

The Launch of Elevating Women

In 2021, under the leadership of Steph Wagner, National Director of Women & Wealth, Northern Trust launched Elevating Women — a mission-driven platform designed to empower, educate and connect women of all ages and backgrounds. Elevating Women provides the knowledge, resources and community women need to maximize the impact of their wealth. Today, Elevating Women has fostered vibrant communities in 33 cities across the country, bringing women together to share insights, build networks and shape their financial futures.

The Coterie – A Powerhouse Community of Female Founders

Recognizing the unique challenges and opportunities faced by female business owners, Northern Trust introduced The Coterie in 2022, an exclusive retreat where female founders gathered to connect, learn and grow together.

The inaugural event featured Kendra Scott, founder and chairwoman of Kendra Scott, while later retreats welcomed visionary leaders like Bobbi Brown, founder of Bobbi Brown Cosmetics and Jones Road Beauty, and Candace Nelson, founder of Sprinkles Cupcakes, Pizzana and CN2 Ventures.

Today, The Coterie has grown to a powerful community of 250 trailblazing women, redefining success on their own terms and shaping the future of women’s entrepreneurship.

A Commitment to Women in Wealth & Leadership

At Northern Trust, our dedication to advancing women’s financial success extends beyond our clients — it’s embedded in our culture. We are proud to be an industry leader in championing gender equality in the workplace, ensuring that women not only receive tailored financial services but also shape the future of wealth management.

Today, nearly 50% of Northern Trust’s Wealth Management Executive Committee are women, and our investment, banking, fiduciary and advisory practices are led by women who bring deep expertise and strategic vision to their roles.

Recently, Northern Trust was recognized for the seventh consecutive year in the 2025 Bloomberg Gender-Equality Index, a distinction awarded to companies committed to transparency in gender reporting and meaningful progress in advancing workplace equality. This recognition highlights firms that are pioneers in fostering inclusive leadership and driving change in the industry.

Because when women thrive, families, businesses and communities thrive too.

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This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.