More women enter wealth management, but few in advisory roles: study
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A version of this article originally appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to high-net-worth investors and consumers. become a member to receive future editions straight to your inbox.
More women are entering the wealth management industry, but they are yet to make headway into client-facing advisory roles, according to a recent study by private wealth intelligence platform Fintrx.
While the data shows that gender inequality in the sector has improved, the nuance remains notable. According to Emily Goldman, Fintrx’s VP of Data and Research, revenue-generating roles are generally better paid and more conducive to leadership roles.
“Underrepresentation here directly impacts the earnings of female workers,” Goldman said. “And the lack of leadership and ownership opportunity will impact their long-term bottom line.”
According to Fintrx, women make up 37.6% of registered professionals aged 20-30, while younger women are making headway in wealth management overall. The share of women in the 30-40 and 40-50 age ranges is below 27%.
This change comes at a time when women’s wealth is expected to increase in the coming years. Cerulli Associates estimates that $105 trillion in wealth will be transferred to heirs by 2048, while $54 trillion will be transferred to spouses. Since women tend to live longer than men, they will likely get the lion’s share.
But as young women are entering industries in greater numbers, growth is concentrated in managerial or operational roles, according to Goldman.
Women make up only 20.2% of training counselors ages 20 to 30; this rate is almost the same for consultants aged 30-40 and 40-50. This share is only slightly higher than that of advisors aged 50-60 (18%) and 60 and older (17.1%).
According to Fintrx, this gender gap is also reflected in senior executives. The company found that women make up 21.5% of senior roles at asset management firms and are more likely to take on COO or CFO roles rather than CEO or investment roles.
“This points to the need for companies to create better pathways to revenue-generating roles and leadership,” Goldman said. “Because when you get into operations, compliance and legal, there is no easy transition between those book owner roles and then long-term strategic leadership roles.”
She noted that an increasing number of female consultants are starting their own firms. The number of newly registered investment advisory firms founded by women increased from 30 in 2021 to 39 in 2025.
“I think we’ll see more and more women striking out on their own if they can’t advance as much or as quickly in wire shops or larger firms,” she said.
