Strengthen Your Business with Financial Planning for Millennial Women

Heather Zack, JD, LLM, MSFP, CAP
Heather Zack, JD, LLM, MSFP, CAP

07.26.23 in Wealth Planning & Investing

Estimated Reading Time: 2 Minutes (358 words)

Millennial women sitting in front of a PC learning about financial planning and investing

If you’re looking to grow your business, don’t overlook the opportunity to diversify your client base by incorporating financial planning for millennial women into your repertoire.

According to a Boston Consulting Group (BCG) analysis, women control around a third of global wealth and are projected to add another $5 trillion annually to the global wealth pool. And as the millennial generation of women comes into their peak earning years, the opportunities to help them pursue financial independence will continue to emerge.

That same BCG study found that 98 percent of millennial women are in professional careers. They also seem to be more confident about their financial affairs—70 percent of those surveyed said they take the lead when it comes to making financial decisions, compared with just 40 percent of baby-boomer women. But are they making the right decisions? Your role as a financial advisor can play a critical role in both their comfort level with investing and their ability to make informed decisions.


Research from the FINRA Investor Education Foundation shows investors who have a high level of investment knowledge are more likely to have positive outcomes and feel less anxious about their finances. You can be the catalyst that sets your millennial women clients on the path to the lifestyle they desire.

This presents a tremendous opportunity for your business to build trusting, lifelong client relationships with millennial women. Focusing on younger clients can aid your business continuity practices and provide access to a wealthy group of highly educated potential investors.

A Checklist for a Healthy Financial Now—and Future

So, where do you start? Commonwealth’s checklist can help you break the ice with millennial women clients and prospects. Here are a few of the considerations it covers:


Foster a conversation about outstanding debt. Younger clients may still be paying off student loans, especially if they attended graduate school. Help them get an arm around all outstanding loans, interest rates, and payment schedules.


Discuss long-term and short-term goals. Millennial clients may have different goals for their career and retirement than your older clients, so it’s important to be sensitive to these shifting cultural priorities.


Encourage building an emergency fund. These clients may be especially vulnerable to shaky employment markets. Ensure that they’re prepared with a savings of three to six months of living expenses, as a good rule of thumb.

The checklist is an excellent resource to help you kick off these client conversations. From student loan debt to employer-sponsored benefits, it offers you areas to focus on to help millennial clients become more informed, empowered, and confident about their financial outlook. Download the full checklist for additional guidance.

Cover - Financial Planning for Millennial Women


Checklist: Financial Planning for Millennial Women

How can you guide younger women clients towards a healthy financial future? Our simple checklist is a good place to start.

Editor’s Note: This post was originally published in November 2020, but we’ve updated it to bring you more relevant and timely information.

This material is for educational purposes only and is not intended to provide specific advice.

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