Women already have more money than ever before—and they’ll soon step into even more financial power. They’re not only set to inherit $52 trillion by 2048 as major players in the $124 trillion Great Wealth Transfer, according to Cerulli Associates, but they’re also wielding growing financial mettle in rising to top-level roles. Wealth management professionals are already looking to meet the moment.
At Fortune’s Most Powerful Women Summit this year, financial services execs say women are at the helm of great financial opportunity. Anna Maria Nekoranec, CEO and cofounder of Align Private Capital, noted that women are amassing significant fortunes as they win out in business and take over boardrooms. It’s her “personal mission” to assist women stepping into wealth make smart decisions with their money, because she believes “we can change the world with it.”
“We have a perfect storm because it’s not just this wealth transfer,” Nekoranec told leadership editor Claire Zillman during the discussion. “What we’re seeing is this acceleration of super talented women reaching higher levels of organizations, getting higher comp, and getting stock…These windfalls need to be planned for.”
Mitra Best, founder and CEO of fintech firm Avvra, added that the rise of AI is turbocharging their net worths. As an investor and AI scientist herself, she’s witnessed how the industry’s wealth is “imbalanced” as decisions are made by a select few at the top, and decided to enter financial services to help women invest in “where the future is going to be.” She wants Avvra to be their eyes and ears on what companies are getting funding, what technologies are drawing money, and what issues are getting solved. “Who writes the checks funds the future,” Best said.
But the wealth management leaders collectively urge women to take matters into their own hands. They acknowledge that life can get busy; women are often working full-time jobs while shouldering the majority of housework and family responsibilities. But to build wealth, they need to make time on the books, one Fidelity executive advises.
Karla D’Alleva Valas, the head of private wealth management at the financial services giant, urged women to make their financial futures a priority by carving out meetings to actively manage their money. It’s estimated that 53% of women’s assets are currently unmanaged by professional advisors, according to McKinsey & Company, compared to 45% for men. It’s a $10 trillion market opportunity for wealth managers, and a chance for women to take greater control of their financial futures.
“All of us need to measure ourselves on our level of engagement. Meeting with your financial advisor—if you have one—one time a year, that’s your choice,” D’Alleva Valas said during the discussion. When they put in the effort and set a financial strategy, they can “optimize their blood, sweat, and tears” to grow paychecks and investments into fortunes.
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