Female Financial Advisors: Why the Industry Needs to Catch Up
By the year 2030, women are projected to control $30 trillion in financial assets in the US alone. That is not just a headline. It is a call to action for an industry that, by its own metrics, still struggles to reflect and serve the people who are gaining more power, wealth, and influence by the day.
In preparation for a conference in 2024, Diane Bourdo, Private Wealth Advisor at Treehouse Wealth, and Gretchen Halpin, co-founder of Beyond AUM, surveyed over 100 women in the financial advisory space around a deceptively simple question: Is it different for female financial advisors? Recently, we revisited those same results at a recent FPA Women & Finance Knowledge Circle, supported by data from the Carson Group, Portfolia, and McKinsey. What emerged was not a yes or no answer, but a clear invitation for change.
This is what we discussed, heard, and uncovered.
Women Are Taking Control as Investors and as Advisors
The numbers tell a powerful story: Women now control 34–38% of investable assets in the US and EU. Portfolia members alone oversee $22 billion in wealth and are investing with clarity, purpose, and confidence. According to their data, over half of those women are actively managing their own portfolios.
These shifts mirror what we found in our 2024 advisor survey. Women aren’t simply entering the field—they are leading. But they don’t want to be seen as “female advisors.” They want to be recognized for what they do, how they serve, and how they lead—on their own terms.
The Mentorship Gap Is Real, But Sponsorship Is What’s Missing
Across the board, women in our survey reported positive experiences with mentorship, but few had experienced true sponsorship—the kind of advocacy that opens doors behind the scenes. Carson’s research confirms this gap: while mentorship helps, it is sponsorship that accelerates careers.
Unfortunately, many women have had to go out and create their own ecosystems of support. And in a profession that is still heavily male-dominated in senior roles, the absence of visible and accessible sponsors remains a structural barrier.
One respondent put it plainly: “I wouldn’t be where I am today without people who not only mentored me, but actively opened doors.”
Women Advisors Are Redefining What Success in Finance Looks Like
Another key takeaway? The traditional yardsticks for success—assets under management, revenue, growth rates—aren’t the whole story anymore.
Women advisors in the Carson study consistently rated client satisfaction, personal fulfillment, and work-life balance as higher priorities than AUM. Even top-performing women serving over $100 million in assets report maintaining relationships with clients of all wealth levels. The goal is not exclusivity; it’s trust.
In other words, women are scaling with purpose. They’re building practices aligned with their values. And many are doing so because they couldn’t find an environment where they could thrive—so they created one.
Imposter Syndrome Isn’t a Mindset Issue. It’s a System Problem.
78% of women surveyed by Carson reported experiencing imposter syndrome early in their careers. The default explanation is often a confidence gap—as if women simply need to “lean in” or “power pose” their way to belonging.
But as Diane Bourdo of Treehouse Wealth shared in our discussion, imposter syndrome isn’t always a mindset issue. Often, it’s a rational reaction to a system that wasn’t designed for you.
“It’s normal to feel like you don’t fit in when you actually don’t fit in,” she said. Until the industry addresses the environments that exclude, no amount of personal development or career coaching will eliminate the underlying cause.
Why Women Are Still Underserved by Financial Advisors
McKinsey’s research confirms that women, despite their growing financial influence, are still less likely to work with financial advisors. In fact, 53% of women’s assets are currently unmanaged. Why? Because women report being overlooked, patronized, or excluded from key conversations.
The echoes here are impossible to ignore. Women advisors in our survey reported similar experiences: clients questioning their authority, mistaking their titles, or bypassing them entirely in meetings.
What’s needed is a twofold transformation: one that simultaneously reshapes how firms support women advisors and how they serve women clients. These efforts are not mutually exclusive. In fact, they are deeply interconnected.
DEI in Financial Services: Time to Move Beyond the Statement
Every firm today has a DEI statement. Fewer have DEI results.
The reports are aligned. As our survey uncovered, most DEI initiatives lack accountability, resources, and leadership commitment. Carson notes that women want actionable change—real programs, not just panels. McKinsey echoes that DEI must be part of business strategy, not just marketing.
Our own survey showed that less than half of respondents found their firm’s DEI efforts effective.
The fix? Make DEI someone’s job. Fund it. Track it. Tie it to business goals and employee experience. Diversity isn’t just a talent pipeline issue. It’s a culture issue.
The Power of Community: How Women Are Building Their Own Path
Despite the challenges, what stood out most in our discussion was the theme of community. Women are building firms that reflect who they are and what they care about. Portfolia members invest for both return and impact, with more than half prioritizing companies that improve women’s lives.
And women advisors are doing the same: mentoring others, collaborating across firms, and leading with authenticity.
They are not asking for permission. They are setting a new standard.
The Verdict: Yes, It Is Different, and the Industry Must Respond
Yes. Not because women are less capable, but because they’ve had to navigate a system that was never built for them. The data show that women are reclaiming wealth, power, and leadership. The industry, however, hasn’t caught up.
We can do better.
That means rethinking how we define success. That means investing in mentorship and demanding sponsorship. That means calling out structures that create imposter syndrome instead of blaming the people who experience it. That means designing DEI with real-world results in mind.
And most of all, that means listening to women—not just when it’s convenient, but always.
Let’s continue the conversation.