Women and the Great Wealth Transfer: The Shifting Center of Wealth Stewardship

Women and the Great Wealth Transfer: The Shifting Center of Wealth Stewardship

The Great Wealth Transfer marks one of the largest shifts of assets in modern history, with $124 trillion projected to be transferred through inheritance by 2048.¹ Estimates indicate that over 80% of the total wealth is expected to transfer first to women.¹ This includes roughly $54 trillion expected to initially move through inter-spousal transfers, with 95% of surviving spouses projected to be women.² Younger generations of women may receive up to $47 trillion through intergenerational transfers.¹

As this transition unfolds, some women report encountering practical challenges, unexpected tax liabilities, unclear trust provisions, and structural aspects of the estate that were not previously communicated.

Given these challenges, it is not surprising that many widows change financial advisors the first year after inheriting wealth. Some surveys suggest that as many as 70% of newly widowed women change financial advisors within the first year of inheriting wealth, while other studies show lower, but still material, rates of advisor turnover.³

These patterns highlight an opportunity to strengthen financial guidance and ensure that planning conversations are inclusive and aligned with both spouses well before assets transfer. It is also an opportunity to better understand the inflection points in a wealth transfer where timely guidance may be especially helpful.

The Challenges of Stewarding Wealth During Transition

Women often inherit wealth at points where key information gaps and administrative complexities become immediately visible. Common issues reported during these transitions include:

• Unexpected tax liabilities
• Unclear or outdated trust provisions
• Incomplete documentation
• A lack of clarity around which decisions require immediate action versus those that can be deferred

These gaps can create delays, introduce avoidable costs, or complicate estate settlement processes.

Compounding these challenges is the issue of fragmentation: many women are unsure whom to contact for specific account changes, liquidity needs, or estate related steps, particularly when multiple advisors or service providers are involved. This lack of a clear point of contact can slow decision making and increase the risk of errors or missed deadlines during a time when important administrative steps must be completed in sequence.

These issues may become more visible in families where wealth discussions have been limited or delayed. Many women report coming from families where wealth, values, and expectations were rarely discussed openly across generations, leaving key questions unaddressed until a transition forces them to the surface. Establishing communication earlier may help reduce avoidable confusion and help ensure that a transition does not become the first moment a family is forced to make high stakes decisions together. Productive wealth conversations should include topics like intentions, family values, decision making roles, and long term objectives.

The Importance of the Advisory Relationship

Given the significant financial decisions involved, the way the advisory relationship is structured plays a critical role in helping ensure a smooth and efficient transfer of wealth. When planning conversations have not included both spouses, or when key wealth information has not been communicated in advance, the person inheriting often must make decisions without full visibility into the family's financial structure.

Building the advisory relationship early — and grounding it in both spouses' intentions — can help bring stability when a wealth transfer event takes place. A well-established advisory relationship, one that includes both spouses early, may help support continuity, provide a clear point of contact, and a defined process for managing immediate and follow-up actions during a wealth-transfer event.⁴

Upper-high-net-worth women often describe approaching wealth through the lens of purpose and values, rather than purely financial measures. Research shows that they often view their wealth as a means to support core priorities, such as family needs, community involvement, personal development, and preparing the next generation, rather than as a marker of status. They consistently express a preference for advisory relationships that offer clear, open communication and a broader perspective on their wealth, with advisors who can simplify complexity, anticipate needs, and help them understand the implications of key decisions across liquidity planning, risk, tax considerations, and long-term family alignment.⁵

Advisory expectations also tend to differ in meaningful ways. Women often place equal or greater weight on trust, empathy, and the advisor's ability to listen than on metrics such as performance or fees. While technical expertise is essential, women frequently prioritize an advisor who can offer partnership, perspective, and clear guidance during uncertain or complex moments, qualities that shape their confidence in the relationship long before specific financial decisions are made.

Many women also prioritize relationships that recognize the family as a whole. That means establishing financial literacy, setting expectations for stewardship, and communicating the purpose and responsibilities tied to family wealth. Danielle Fleet, Senior Vice President and Regional Trust Director at Citizens Private Wealth notes, "It's our role to ensure the entire family is understood, informed, and supported long before a transition occurs, so that every decision reflects their shared intentions and long-term goals. That's when families can benefit from the continuity of the relationship, and when we see the best outcomes."

A More Intentional, Purpose-Driven Model of Family Wealth

Importantly, women today are not simply inheriting wealth. Rising entrepreneurship, expanding representation in senior corporate leadership, and the growing number of women who hold equity stakes, operate companies, and manage long-term investment vehicles have all contributed to the rise of women's wealth holdings.

Increasingly, women are also setting expectations for transparency, shared decision making, and more structured alignment across the entire family. Rather than simply continuing the systems they inherit, many women are redefining the values, processes, and governance frameworks that determine how wealth supports purpose, continuity, and long term family cohesion.

As women take on a larger role in shaping the direction of family wealth, a more intentional planning model is emerging, one that emphasizes communication across the entire family, not just between spouses. Ultra-High-Net-Worth research shows that women often take the lead in articulating family values, defining legacy priorities, and preparing the next generation for both the opportunities and responsibilities that accompany significant assets.

Early conversations about purpose, expectations, and decision making can reduce ambiguity and support heirs in being financially and emotionally prepared for what they may inherit.

Several questions can be incorporated into planning discussions to help build this foundation:

• What is the purpose of this wealth? Understanding the "why" clarifies the "how" of planning.
• How prepared are future generations? Stewardship begins with financial literacy and communication of expectations and responsibilities.
• What decisions are urgent during a transition, and what can wait? Distinguishing immediate tasks from longer-term goals reduces stress in critical moments.
• Who do I call when something happens? Identifying a central point of contact streamlines communication and builds confidence.

These questions can help steer conversations from transactional to relational, signaling a more inclusive, forward-looking model of family wealth management.

Danielle Fleet adds, "For many widows, what matters most is knowing there is one person they can call with any questions, whether about the estate documents, ownership titles, or to track down a minor detail on an account, and they aren't starting over with a stranger in a moment of crisis." Advisors who facilitate these discussions early help prevent misalignment and avoid leaving family members to interpret the intentions behind the wealth on their own.

Final Thoughts

As the Great Wealth Transfer unfolds, women are positioned to become the defining stewards of family wealth across both spousal and intergenerational transitions. Their growing influence, preferences, and expectations challenge existing advisory relationships and point to how they must evolve. Advisors who prioritize communication and trust, and who engage both spouses early, can guide families through transitions with greater clarity and purpose..

Citizens Private Wealth advisors bring specialized experience in supporting families through complex wealth transitions. Connect with our team to see how we help create inclusive planning frameworks that support long-term family cohesion and purpose.

To dig deeper into strategies that support confident, well coordinated transitions, read our Wealth Transfer Planning article.