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The financial landscape is on the cusp of a monumental shift. Over the coming decades, an unprecedented $21 trillion in wealth is poised to transfer from older generations to younger ones, creating both immense opportunity and significant risk for banks and credit unions. However, a critical oversight could prevent many institutions from retaining these new assets: a failure to understand and cater to the distinct financial needs and preferences of women.
According to Jean-Pierre Lacroix, President of strategic design firm Shikatani Lacroix Inc., a staggering 70% of this historic wealth transfer will go to women. This includes surviving spouses, as men statistically precede women, as well as daughters and other female beneficiaries. Lacroix will explore this theme further in his upcoming session, “Seizing the $21 Trillion Wealth Opportunity in Banking” at The Financial Brand Forum 2026.
The Overlooked Opportunity: Women and Wealth
Despite the clear demographic trend, many financial institutions lack a deep appreciation for how women’s expectations of financial advisors differ from men’s. This knowledge gap presents a major hurdle, especially as the wealth transfer is projected to peak in the next 15 to 20 years.
This is not a future problem; it’s a present imperative, Lacroix stresses: “This is the time to start planning.”
Key Insights for Financial Institutions:
- The Immense Opportunity: Research by Shikatani Lacroix reveals that a significant portion of current investor assets are inherited, with many expecting further inheritances.
- The Undeniable Risk: The same research indicates that approximately 30% of inheritors choose to switch financial providers when wealth transfer occurs.
- The Urgent Reality: Institutions that fail to cultivate strong, multigenerational relationships today risk substantial lost business tomorrow.
Why Current Banking Approaches Fall Short
While financial executives frequently discuss personalization, Lacroix argues that this often translates to “personalizing for products” rather than truly “personalizing for people.” This means aligning products and services with broad customer segments, rather than deeply understanding individual needs.
A fundamental flaw lies in bankers’ failure to recognize the crucial differences in how men and women engage with financial services, particularly investments. Alarmingly, many still overlook women as primary financial decision-makers.
For many women, the challenge often stems from a perceived lack of knowledge or confidence. Lacroix insists these are solvable issues, but only if institutions acknowledge the need to approach women differently than their male counterparts, while also recognizing the growing number of single women managing their own finances.
Understanding Women’s Financial Engagement
Lacroix highlights key behavioral differences:
- “Women are more inquisitive. They like to see more options. They need to be walked through information, versus just being sent the information.”
- “Women ask more questions, and they are often really the ones managing funds in the home.”
Despite this reality, banks often interact with women without acknowledging their central role. Lacroix shares a personal anecdote: when assisting his daughter with a condo purchase, all bank documents and emails were addressed to him, not his wife, who manages their primary banking relationship. “It’s 2026,” Lacroix notes, yet this disconnect persists, threatening future relationships.
Strategies to Enhance Bank-to-Woman Relationships
What concrete steps can banks take to address this situation now and for the future?
It starts with recognizing women’s specific “pain points” – the desire for options, comprehensive explanations, and relatable communication. Money is an inherently emotional topic, and resistance to how information is presented can hinder effective engagement.
Actionable Solutions:
- Listen More, Talk Less: Actively listening to clients can significantly improve understanding and build trust.
- Empower More Women: Increase the presence of women in client-facing roles, especially in financial planning and wealth management.
- Revamp Marketing Strategies: Banks often market to generic “American families” or “small business owners” but rarely target women directly. Lacroix challenges institutions to develop marketing campaigns specifically designed to resonate with women.
A quick glance at most bank homepages often reveals imagery that reinforces this broad, undifferentiated approach, alienating a significant segment of the market, particularly single women who manage their own affairs.
Bridging the Intergenerational Divide Proactively
Retaining current customers and their assets is critical, but how do institutions effectively connect with the next generation of inheritors – both women and men?
The younger generation faces a proliferation of financial options, from traditional competitors to innovative fintechs like Wealthfront and Robinhood. Yet, a surprisingly simple solution often goes overlooked: asking current wealth-accumulating customers to introduce their children to the institution.
Beneficiary lists contain the names of future inheritors. While direct outreach would be inappropriate, requesting permission to make contact can be the respectful beginning of a crucial multigenerational relationship. Lacroix recounts another family transaction where his bank missed an obvious opportunity for such an introduction, which he and his wife would have gladly facilitated.
Lacroix attributes these missed opportunities to a passive “guru” mindset among financial advisors, who often wait for clients to seek their wisdom rather than taking a proactive, sales-oriented approach.
Key Action Points for Intergenerational Connection:
- Seize Life-Stage Opportunities: Major life events like purchasing a home offer ideal moments to introduce the concept of financial planning and wealth management. For example: “You’re taking a big step, buying a home. Could I introduce you to Jane Smith, one of our wealth management advisors?”
- Staff Up for Proactive Engagement: Institutions need to ensure advisors are readily available for these impromptu, introductory meetings.
Cultivating and Strengthening New Connections
Making that initial connection is just the first step. Building a lasting relationship requires ongoing effort and a nuanced understanding of younger generations.
Dispelling Stereotypes and Embracing “Live” Interactions
It’s easy to assume younger individuals rely solely on digital channels, apps, and AI for financial advice. However, Shikatani Lacroix’s research reveals an intriguing trend: people, including younger ones, who use AI for financial insights overwhelmingly also consult human financial advisors. They often use AI to educate themselves and prepare for more meaningful discussions with advisors.
Lacroix advocates for a strategy that leans into “live” interactions. Banks and credit unions should focus on physical meetings that bring generations together, both in private sessions and through seminars designed to improve overall family financial understanding. These gatherings aren’t about disclosing financial plans but about fostering relationships between advisors, parents, and inheritors – an investment in the institution’s future.
Lacroix’s presentation at The Financial Brand Forum 2026 will delve into specific office design options, from integrated in-branch wealth management spaces to dedicated wealth centers, all aimed at facilitating these vital connections.
Source: thefinancialbrand.com