Women Are Shaping the Future of Wealth — Is Your BankReady?
The financial landscape is changing rapidly, and one of the most significant yet under-utilized opportunities for banks and wealth managers today is women’s wealth management.
Women are now accumulating wealth faster than ever, yet many financial institutions continue to overlook them as a key client segment. A recent McKinsey report estimates that by 2030, women will control $30 trillion in assets globally, yet a majority feel underserved by traditional financial services.
In Africa, where women play a critical role in business and wealth creation, this opportunity is even more profound. Nairobi-based Stanbic Bank Kenya has recognized this potential by launching its DADA (Dare to Aspire, Dare to Achieve) program, offering financial and non-financial solutions to women entrepreneurs. FirstBank Nigeria’s FirstGem is another example, providing tailored wealth management and investment advisory for women.
Why Traditional Wealth Management Fails Women
Despite their increasing financial influence, research shows that women often feel neglected or misunderstood by their financial advisors:
Only 20% of women feel confident about long-term investing decisions compared to 46% of men (UBS Global Wealth Report).
70% of women switch financial advisors within a year of their spouse’s passing, highlighting a disconnect between wealth managers and female clients (McKinsey & Company).
This is not due to a lack of interest—it’s a lack of engagement. Women want advisors who understand their unique financial goals, offer holistic advice, and create inclusive, supportive environments for wealth growth.
The Business Case for Women-Centered WealthManagement
Banks that invest in tailored women’s wealth management strategies see tangible business benefits:
• Higher Client Retention: Women are more likely to remain loyal customers when they receive personalized and value-driven financial services.
• Increased Assets Under Management (AUM): Women are more risk-conscious investors and often take a long-term approach, making them ideal clients for wealth planning services.
• Stronger Brand Equity: A dedicated women’s wealth initiative enhances a bank’s reputation as an inclusive, forward-thinking institution.
The Critical Role of Relationship Managers in Women’s Wealth Management
One of the biggest game-changers in successfully engaging female clients is ensuring that Relationship Managers (RMs) are properly trained to serve this segment. Relationship Managers are the frontline representatives of financial institutions. Their ability to build trust, tailor financial solutions, and engage meaningfully with female clients will determine whether banks succeed in this space.
• Training RMs to Understand Women’s Financial Priorities – Women often prioritize financial security, legacy planning, impact investing, and business growth funding. A well-trained RM should be able to anticipate these needs and offer solutions beyond generic banking services.
• Empowering RMs with Consultative Selling Skills – Traditional sales techniques don’t work for women clients. Research shows that women prefer educational, collaborative, and long-term advisory-based approaches rather than hard-selling tactics. Training RMs in consultative selling techniques will help financial institutions position themselves as trusted advisors rather than transactional bankers.
• Providing RMs with Digital and AI-Powered Tools – Women clients expect highly personalized financial advice that is available digitally and seamlessly. Banks must equip their RMs with AI-driven wealth management platforms, predictive analytics, and personalized financial dashboards to enhance customer engagement.
Banks must invest in structured training programs for RMs that focus on:
• Understanding female financial behaviors
• Advising on wealth creation, preservation, and transfer
• Building emotional intelligence in client interactions
• Leveraging data and technology to tailor investment strategies
African Banks Leading the Charge
Beyond Stanbic Bank Kenya’s DADA and FirstBank’s FirstGem, other banks across Africa are beginning to take action:
• Access Bank’s ‘W Initiative’ provides tailored financial services for women while also promoting financial literacy.
• Ecobank’s ‘Ellevate’ focuses on women-led businesses, helping them access capital, insurance, and investment opportunities.
• ABSA Bank Botswana’s Women’s Wealth Program provides structured financial planning solutions for female clients.
These initiatives prove that women-focused financial services are not just CSR projects—they are smart business strategies.
How Banks Can Act Now
If your financial institution has not yet developed a structured wealth management strategy for women, the time to act is NOW. Some critical steps include:
1. Training Relationship Managers (RMs) to understand women’s financial priorities and decision-making behaviors.
2. Developing Women-Centric Investment Products such as wealth preservation funds, education trusts, and retirement planning tailored for female clients.
3. Creating Exclusive Networking and Learning Platforms to engage women in financial discussions and investment opportunities.
4. Offering Personalized Digital Wealth Advisory Services that cater to women’s long-term financial goals.
The Future of Wealth Management is Female
Banks that proactively engage female clients today will become tomorrow’s market leaders in wealth management. The question is no longer “Should we target women?” but “How soon can we start?”
Financial institutions that act now will not only drive revenue growth but also empower millions of women to take control of their financial futures.
Is your bank ready for this transformation? Contact us to discuss how to make it happen.