Women approach Wealth Planning differently

More than half of women (59%) are the primary household money managers. Over 51% of women handle household investments, and nearly half (48%) manage retirement planning for themselves and their partners.1

As a result of managing  most household finances, currently, women control one-third or $10 trillion in U.S. household assets.2 This number is expected to increase to $30 trillion by the end of this decade as women acquire more wealth through inheritance. This means women will play a key role in the $68 trillion generational wealth transfer happening over the next 25 years.3

Because women prioritize their financial needs and preferences differently, navigating the intricacies of managing multi-generational wealth involves having an advisor who not only has financial acumen, but also has empathy, understanding, and the ability to foresee and help handle potential family dynamics. It's also important your financial advisor works well with other professionals, such as lawyers,  tax advisors or CPAs, and real estate advisors.

Wealth planning through the lens of protecting and passing on a legacy

High-net-worth women have different considerations than men when managing wealth. Often women have a more complex approach to finances shaped by personal achievements (like entrepreneurship), family dynamics and an enduring sense of legacy.

Women are more likely to prioritize protecting their income than men.2 They often are not simply investing with the sole goal of generating the most returns. They want a wealth manager who partners with them to create a holistic plan that  reflects their distinctive aspirations and values. Effective wealth planning is a tool that can translate these intangible assets into a structured form.

Wealth planning across generations

The financial well-being of immediate and extended family is a priority for many high-net-worth women. Many have sandwich generation considerations, such as balancing the needs of aging parents along with the aspirations of children and grandchildren. That requires a nuanced approach to financial planning, integrating retirement planning, educational funding and health care provisions, like long-term care.

Wealth advisors can play a crucial role in identifying investment vehicles that offer growth and flexibility. Customized portfolios can support educational expenses today while securing retirement and health care for tomorrow. This dual-focus strategy ensures that wealth not only grows but does so in a way that aligns with the family’s ongoing well-being and the legacy the client want to leave.

Protecting and passing on wealth

Estate planning is cornerstone of wealth planning, ensuring that wealth transitions according to the client’s wishes. That goes beyond simply drafting a will. It involves setting up trusts, planning for taxes, and ensuring that heirs are prepared to manage their inheritances.

Advisors can help articulate these principles through philanthropic endeavors, ethical investments, and aligning the goals of your investment portfolio to your beliefs. It's a holistic approach that considers not just the wealth itself but the impact it will have on future generations. 

Advancing your priorities through philanthropy

Philanthropy is a powerful tool for high-net-worth women to effect change for causes they are passionate about. It's not just about giving back but doing so in a way that aligns with personal beliefs and maximizes impact. Strategic philanthropy involves selecting causes, understanding their needs and determining how best to support them. 

Advisors specializing in philanthropic strategies can help offer insights into tax-efficient giving, setting up donor-advised funds or charitable trusts, or creating a private foundation. These mechanisms not only support meaningful causes but also integrate philanthropy into the broader wealth planning strategy, enhancing financial and ethical legacy. 

Staying true to your unique wealth management goals

Customized wealth planning involves a dynamic approach that doesn't just focus on managing your financial assets. Instead, effective wealth planning helps high net-worth client navigate the complexities of asset management while staying faithful to their goals for the future.

Synovus Wealth Services professionals can help. Call us at 888-SYNOVUS (888-796-6887) to discuss your unique goals when you are ready to take the next step.