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The financial world is on the cusp of the most significant wealth transfer in history. Trillions of dollars are set to move from older generations to younger ones in the coming decades, presenting both immense opportunities and substantial risks for banks and credit unions. However, a critical oversight could hinder many institutions’ ability to retain these newly inherited assets: the 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 all wealth transfers over the next 30 years will go to women. This trend encompasses surviving wives, who often outlive their male partners, as well as daughters and single women managing their own financial affairs. Lacroix is set to elaborate on this topic in his upcoming session, “Seizing the $21 Trillion Wealth Opportunity in Banking,” at The Financial Brand Forum 2026.
The Overlooked Power of Women in Wealth Transfer
Most financial institutions, Lacroix warns, possess a limited understanding of how women’s expectations from financial advisors differ from men’s. This knowledge gap poses a significant problem, especially as the peak of these wealth transfers is projected to occur within the next 15 to 20 years. “This is the time to start planning,” emphasizes Lacroix.
Key insights from Shikatani Lacroix’s research highlight both the potential and the peril:
- The Opportunity: A large percentage of investors indicate their current investments are inherited, with many anticipating further inheritances.
- The Risk: Approximately 30% of inheritors choose to switch financial providers when wealth transfer occurs.
- The Reality: Banks that neglect to cultivate strong, multigenerational relationships now risk losing substantial business in the future.
Why Current Banking Strategies Miss the Mark
Financial executives frequently discuss “personalization,” but Lacroix argues that this often translates to customizing products rather than truly understanding and aligning services with people. He states that banks often fail to recognize fundamental 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 stems from a perceived lack of knowledge or confidence. These are addressable issues, but only if institutions acknowledge the need for a distinct approach when engaging women, whether they are managing family finances, single, or independent.
Understanding Women’s Financial Engagement
Lacroix points out crucial differences in how women interact with financial information:
- “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 these realities, banks frequently treat women without acknowledging their central role in household finances. Lacroix shares a personal anecdote: While helping his daughter buy a condominium, he observed that all bank documents and emails were addressed to him, even though his wife was the primary bank relationship holder. “It’s 2026, Lacroix says, but this kind of behavior remains common. The result: A disconnect that can hurt banks now and that will hurt more when the next generation inherits.”
Strategies to Enhance Your Bank’s Connection with Women
To remedy this situation and secure future business, banks must focus on addressing women’s specific “pain points,” such as their desire for clear explanations and diverse options. Given that money is often an emotional subject, a relatable approach is vital.
Lacroix suggests several actionable solutions:
- Listen More, Talk Less: Encourage advisors to be better listeners.
- Empower Women in Key Roles: Increase the representation of women in client-facing positions, particularly in financial planning and wealth management.
- Rethink Marketing: Shift away from generic “American family” or “small business owner” campaigns. “You show me a bank that has a marketing campaign that talks to women. Very few banks do that,” Lacroix challenges. The lack of specific marketing or imagery on bank homepages often signals a failure to understand single women or women as independent financial agents.
Bridging the Generational Gap Before It’s Too Late
Beyond retaining current customers and their assets, banks must actively connect with the inheriting generation. Today’s younger individuals face a plethora of financial choices, from traditional institutions to digital-first non-banks like Wealthfront and Robinhood.
The simplest, yet often overlooked, strategy is to encourage current wealth-accumulating customers to introduce your institution to their children. While direct outreach to beneficiaries listed on accounts would be a major faux pas, obtaining permission for an introduction can be the crucial first step. Lacroix recounted another personal experience where his bank missed an obvious opportunity for such an introduction during a family transaction.
This failure, Lacroix attributes to a passive attitude and insufficient training among financial advisors. They often perceive their role as gurus awaiting queries, rather than proactive sales initiators. Opportunities for introduction don’t need to be waited for; they can be created.
Key Action: Life-stage transactions, such as securing a mortgage, present prime moments to introduce financial planning and wealth management. Banks should staff adequately to facilitate these impromptu meetings, for example: “You’re taking a big step, buying a home. Could I introduce you to Jane Smith, one of our wealth management advisors?”
Cultivating Strong, Lasting Connections Across Generations
Even after making an initial connection, the work is far from over. Institutions must avoid stereotypes about younger generations being exclusively digital. Shikatani Lacroix’s research reveals that even younger individuals who extensively use AI for financial grounding often still seek advice from human financial advisors to prepare for meetings.
Key Strategy: Embrace “Live” Interactions: Lacroix advocates for focusing on physical meetings that bring generations together. This could include private family sessions or even seminars designed to improve overall family financial understanding. These gatherings are not about revealing specific financial plans, but about the advisor building stronger relationships between parents and inheritors. Such efforts represent a vital investment in the institution’s own future.
Source: Thefinancialbrand.com