BlackRock Survey Shows Advisors Underestimate Women's Wealth Sources

Advisors hold outdated beliefs about how wealthy women acquire their fortunes and what they seek from financial guidance. Many still assume female wealth originates from marriage or inheritance.

According to a new BlackRock survey, 8 in 10 women attribute their wealth to their professional careers. Only about half of advisors believed the same.

Advisors were far more inclined to mention marriage and inheritance. About six in 10 named each factor, at least double the share of women who did.

“Women are an increasingly powerful force in US wealth, and their story is about more than inheritance and wealth transfer,” BlackRock said.

Investment Returns Top Women's Priorities; Advisors Expect Reassurance

Advisors similarly misjudge what these women want from financial services.

Half of the women surveyed placed better investment returns among the top three reasons to pay for advice. Only 16% of advisors predicted that.

A similar split appeared on tax results. Some 41% of women ranked improved tax outcomes in their top three, compared with just 12% of advisors.

Among women with $5 million or more, 56% prioritized investment returns and 47% tax outcomes.

This is significant because 35% of women with at least $2 million have no advisor, per BlackRock. Their biggest unmet need is better coordination among accountants, lawyers, and financial planners.

The demographic is becoming impossible to overlook. McKinsey projects women will control $34 trillion in U.S. assets by 2030, or about 38% of the total.

“The findings challenge some long-held assumptions: women are actively creating wealth, focused on growth and financial outcomes,” BlackRock added.

Between July 29 and August 23, the survey polled 1,067 women and 409 financial advisors. BlackRock noted that women could select any number of wealth sources, while advisors were limited to three.