Women are controlling ever-greater sums of money around the world, setting the stage for major shifts in wealth management and philanthropy.
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“Women are increasingly becoming the financial heads of households due to inheritance, divorce or career success, and they’re taking on leadership roles in financial decision-making,” said Casey Jorgensen, head of the Dynasty Institute for Adaptive Leadership at Dynasty Financial Partners. But as more women join the ranks of the world’s richest, the wealth management industry — known for being primarily male and catering to men — is racing to reshape how it attracts and retains this new group of clients. And since women of all ages tend to donate more to charity than men, philanthropic organizations are slated to receive a new influx of donations.
The motivations for philanthropy differ across gender, the school’s research shows. Women tend give based on empathy, while men often donate to further their self-interest. Women also tend to spread their giving across more organizations. “We have noticed that women do not place as much stock in an adviser’s intellect or credentials, but how the adviser can apply that knowledge in a creative and effective manner,” she said.
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