By Steph Wagner, National Director of Women & Wealth
At Northern Trust, I have the privilege of working alongside an extraordinary group of female leaders — women who are helping to shape the future of wealth. Their perspectives, insights and advice are not only invaluable, but also a testament to our firm’s deep-rooted commitment to women in leadership.
As we reflect on the evolution of women and wealth, we recognize the incredible progress that has been made, while also acknowledging the work that still lies ahead. The financial influence of women has never been stronger — but with that influence comes new opportunities, new challenges and new responsibilities to shape our own financial futures.
That’s why I turned to these experts and asked them to answer three critical questions:
- What is the most significant shift you’ve observed in women’s economic influence throughout your career?
- Where do you see the greatest opportunities for women to build and grow their wealth?
- What is one actionable step women should take today to secure and strengthen their financial future?
We hope their insights and advice will empower you to make the most of your financial journey — both today and for the future.



Glenda Pedroso, Head of Banking & Specialized Services
What is the most significant shift you’ve observed in women’s economic influence throughout your career?
It’s remarkable to reflect on how much the landscape has changed over the nearly four decades I’ve been in this industry. One of the most significant shifts has been the rise of women in leadership at Fortune 500 companies.
When I started my career, there were only two female CEOs on the F500 list — just 0.4%. Fast forward to 2024, and over 50 of the largest companies in the U.S. are led by women, accounting for 10.4% of Fortune 500 CEOs. While this number is still far from where it should be, the economic influence of these enterprises is undeniable — together, Fortune 500 companies drive two-thirds of the U.S. GDP.
There is so much opportunity for us to continue to expand our presence at the top, and the path begins with helping each other get there.
Where do you see the greatest opportunities for women to build and grow their wealth?
Access to capital remains a critical barrier to wealth creation for women. If women had the same access to funding as their male counterparts, they could scale their businesses at a much faster pace, leading to more liquidity events and greater wealth creation.
Fortunately, we’re seeing positive momentum. The number of private equity and venture funds dedicated to women-owned businesses is growing. As this ecosystem expands, I believe we will see an acceleration in the number of female entrepreneurs building significant wealth.
What is one actionable step women should take today to secure and strengthen their financial future?
The most important step women can take is to actively engage with their financial lives. This includes understanding your assets, maximizing your earning potential, and knowing your financial options.
Too often, women delegate financial decisions or avoid engaging with their wealth, but the truth is, women are naturally strong financial decision-makers. The more we recognize our own capabilities, the more confidently we can take ownership of our financial future.
Additionally, I encourage you to form communities — surround yourself with other women who share your financial goals, support each other, and share knowledge. When women lift each other up, we all win.



Pam Lucina, President of The Northern Trust Institute, Head of Family Office Solutions, Global Family Office
What is the most significant shift you’ve observed in women’s economic influence throughout your career?
The most significant shift I've observed in women's economic influence throughout my career is the transition from being primarily consumers or beneficiaries of financial decisions to becoming powerful drivers and architects of financial strategy. We've moved beyond simply acknowledging women's purchasing power to recognizing their crucial role as investors, entrepreneurs and financial leaders.
This shift is not just about numbers; it's about a fundamental change in perspective. Women are increasingly demanding financial solutions that align with their values and life experiences. They're asking for investments that consider social impact, for financial planning that accounts for caregiving responsibilities, and for business funding that recognizes the unique challenges faced by female entrepreneurs.
Where do you see the greatest opportunities for women to build and grow their wealth?
The greatest opportunities lie in women confidently claiming their financial voice through entrepreneurial ventures and strategic investing. By actively shaping markets and directing capital, women can build wealth that reflects their values and priorities. This empowerment is further fueled by advocating for equitable compensation and career advancement, ensuring their financial influence grows in alignment with their vision.
What is one actionable step women should take today to secure and strengthen their financial future?
One powerful, actionable step women can take today is to actively engage in financial education and community. This means seeking out resources, whether it is online courses, books or local workshops and connecting with other women to share experiences and knowledge. Building a strong financial foundation is not just about individual action, but also about fostering a collective understanding and support system that amplifies women’s voices and empowers them to confidently shape their financial future.



Katie Nixon, Chief Investment Officer, Wealth Management
What is the most significant shift you’ve observed in women’s economic influence throughout your career?
Women are far more involved in the financial decisions of their households. Women have always played the role of their family’s Chief Financial Officer and have controlled the household spending, but the major shift is that many women today are also starting to find their voice with respect to the family’s balance sheet and investment decisions.
Where do you see the greatest opportunities for women to build and grow their wealth?
Women tend to be strategic investors, and this is a huge advantage. The key going forward is to maintain a focus on what matters: funding a lifetime of your financial goals.
Identifying and quantifying your financial goals allows you to build custom investment strategies aligned to funding them over time, and having a framework will allow women to leverage their most powerful investment tool: patience.
What is one actionable step women should take today to secure and strengthen their financial future?
Women are often caregivers — to their families and children, and increasingly to their aging parents. One actionable step that we recommend today is to be a little selfish and make sure to plan for yourself before you care financially for others. How much does your lifetime of lifestyle spending cost? What about anticipated and unanticipated medical expenses?
Create a portfolio that is designed to support your needs fully, then you will see what excess you may have to support others.



Laura Mandel, Chief Fiduciary Officer
What is the most significant shift you’ve observed in women’s economic influence throughout your career?
I have seen a change in the perception that women do not have the aptitude or interest in being a full participant in their own financial well-being.
There is greater awareness that many women have been managing the day-to-day finances of their families for years. There is now a recognition that women can bring a longer-term and holistic view when making financial decisions.
Where do you see the greatest opportunities for women to build and grow their wealth?
I think any of the STEM-related industries (tech, engineering, digital content, biochemistry) offer terrific opportunities for women. I hope to see more women in these fields over the next decade. Even more exciting would be more women founding their owns firms in these industries.
What is one actionable step women should take today to secure and strengthen their financial future?
Be sure you have clarity on your assets and liabilities and a long-term plan for economic independence throughout your lifetime. Assess what specific steps you need to take to achieve and maintain that independence, whether it is getting an education, selecting a profession, saving, investing, building a business, or managing the wealth you have created.



Marguerite Griffin, Director of Philanthropic Advisory Services
What is the most significant shift you’ve observed in women’s economic influence throughout your career?
In my work, I have seen a dramatic shift in the way women are participating in their household’s philanthropy. Twenty-five years ago, it was common for a woman’s role as a philanthropist to be representatives of their husband’s charitable pursuits.
Today, women are often the primary decision-makers when it comes to directing their families’ charitable dollars, and women are increasingly the driving forces behind innovation in giving structures and strategies.
Where do you see the greatest opportunities for women to build and grow their wealth?
Many women have already begun to seize the opportunity to align their wealth creation with purpose. Women are using their access to capital and networks to create business ventures that are rooted in supporting people, profit (of course) and the planet.
Women are investing in social enterprises more than ever before. As a result, there is now more focus on addressing issues relating to women’s health, economic and social autonomy, and building systems that are community-driven, financially sustainable and holistic.
Just having more women in boardrooms (of for-profit and nonprofit organizations) has changed the trajectory of how and when issues that women find most important are appropriately considered.
What is one actionable step women should take today to secure and strengthen their financial future?
Women should come together in community to leverage their shared knowledge and resources. In my work, for example, I’ve seen the impact of women’s collective power through the surge in giving circles.
Whether you are a business owner or an executive or a woman at the helm of wealth for the first time, leaning on one another to harness our shared time, talent and treasure is key to our success.



Barbara Reed, Chief Financial Officer, Wealth Management
What is the most significant shift you’ve observed in women’s economic influence throughout your career?
I think the biggest shift during my career is that there are many more opportunities now for women to advance in a career and build their own wealth. Early in my career, opportunities were limited, and female leadership and mentorship was rare. Now that more women are in leadership positions, the opportunities to insert meaningful influence has grown exponentially.
Where do you see the greatest opportunities for women to build and grow their wealth?
Really, any area where a woman has talent, passion and drive is a great area to build and grow wealth. Whether it be starting a business, excelling as an executive, or another path, the first step in harnessing your potential to grow your wealth is to understand the full picture of your financial life.
What is one actionable step women should take today to secure and strengthen their financial future?
Learning to be financially savvy early and keeping a sense of financial independence throughout one’s life is critical. Given the longer lifespan of women, it’s likely that women will be at the helm of their finances, if not throughout life, then eventually. It is important they do all that they can to be prepared for this outcome.



Nikè Anani, Director of Next Gen Advisory
What is the most significant shift you’ve observed in women’s economic influence throughout your career?
The most significant shift is the increasing number of women inheriting substantial wealth, with women expected to inherit nearly $30 trillion by the end of the decade. The wealth transfer is accompanied by the rising prominence of women in their family enterprises, moving from matriarchs to principals who influence business, investments and philanthropy decisions.
Where do you see the greatest opportunities for women to build and grow their wealth?
I believe the greatest opportunities for women lie in leveraging AI and technology. As AI reshapes industries and investment opportunities, women can leverage it to drive innovation in their careers and enterprises. Women can embrace it to uncover new avenues for wealth creation and social impact.
What is one actionable step women should take today to secure and strengthen their financial future?
Start by empowering yourself with knowledge. Seek opportunities to learn about your finances and emerging opportunities, whether through structured learning, peer groups or professional advice.