Two decades after transitioning from an international diplomacy career to financial advising, Elizabeth Weikes recalls navigating a largely solitary path without female mentorship in the wealth management industry. Today, however, she notes significant changes, including the rise of mentorship networks and the growing presence of women in advisory roles. Despite these advances, the proportion of female financial advisors has remained relatively static, consistently hovering around 20% for more than a decade.

A key factor contributing to the increased involvement of women in wealth management is the industry’s shift from solo practices to team-based models. Teams—now averaging about 15 members—offer a range of roles suited to varying skills and temperaments, enabling greater participation. This structural change has created opportunities beyond the traditional solitary advisor role, allowing women to engage in client-facing positions, financial planning, operations, and marketing within collaborative settings.

Analysis of Barron’s Top 100 Women Financial Advisors highlights the impact of this trend, with the majority of women on the list operating as part of teams. The average team on this list manages approximately $10.5 billion in assets, a significant increase from $7.9 billion the previous year, while annual revenues approach $20 million. Notable gains include Melissa Corrado-Harrison of UBS in Denver, who rose 25 places to No. 15, and Melissa Spickler of Merrill Wealth Management in Bloomfield Hills, Michigan, advancing to No. 24.

Current estimates of women’s representation in wealth management vary somewhat, with BlackRock placing the figure near 18%, while data from AdvizorPro suggests it is closer to 26%. A Fintrx study notes a notable increase in younger women—nearly 38% among professionals aged 20 to 30—entering the field, though many occupy support roles rather than client-facing or revenue-generating positions. Women remain underrepresented as “producing advisors” and in senior executive roles; Fintrx data indicates men hold 78.5% of C-suite positions, with female executives particularly scarce in CEO and chief investment officer roles.

Beyond workforce composition, the industry faces challenges aligning leadership diversity with the growing number of high-net-worth female clients. Research shows many women prefer female financial advisors, often citing concerns over paternalistic or condescending attitudes from male advisors. This is particularly relevant for widowed or recently divorced women who may lack prior financial experience. Carla Wigen, president of trust services at LNW—a Seattle-based wealth advisory managing $12.2 billion—underscores the importance of supporting such clients, noting that men are often the first to pass away in couples, leaving women responsible for managing finances.

Prominent wealth management leaders emphasize that reflecting client demographics in staffing is critical. Shannon Reid, president of Osaic, an independent broker-dealer in Scottsdale, Arizona, describes diversity as an ongoing commitment that must not wane. Some firms are leading by example: LNW reports that 57% of its employees and 50% of its executives, including CEO Kristen Bauer, are women. Visible representation, such as employee profiles, is viewed as beneficial for recruitment and attracting clients.

For many female advisors, the rise of team-based practice models offers more collaborative, equitable, and varied work environments. Betsy Pakenas, who manages a 15-member team at Morgan Stanley in Frederick, Maryland, shares that her leadership approach—focused on shared equity and inclusivity—stemmed from experiences of exclusion in male-dominated settings. She highlights that teams allow individuals to leverage diverse skills beyond traditional sales or investment roles.

However, challenges persist in recruiting and retaining women in wealth management. Weikes points to the industry’s limited presence on college campuses, where recruitment fairs tend to favor investment banking and trading roles. She argues that expanding outreach and reshaping the narrative around financial advising could attract a broader range of candidates.

Misconceptions about the profession also contribute to the gender imbalance. Corina Davis, head of a $1.5 billion Merrill Wealth Management practice in Seattle, notes that wealth management is often misunderstood as purely sales-driven investing, deterring potential female entrants. In reality, the role increasingly centers on holistic financial planning, leadership, client relationships, and problem-solving.

While flexibility and autonomy are touted benefits of financial advising—qualities that align well with many women’s preferences—team dynamics and industry demands can complicate work-life balance. The expansion of team structures has made the industry more accessible but also introduces new challenges, according to Pakenas.

Ultimately, increasing female representation in wealth management will require concerted efforts to promote women into leadership positions and cultivate diverse hiring practices. Advocates stress that meaningful change depends on seeing visible role models and understanding the multifaceted nature of the career. As Reid concludes, empathic communication skills and relationship-building are critical qualities of successful advisors, traits that women often embody, making the field increasingly well suited to their strengths.