The InvestmentNews Women Advisor Summit, held Thursday at 583 Park Avenue in Manhattan, turned a spotlight on a demographic often overlooked in estate and legacy planning: adult daughters. In a panel discussion, Arvette Reid, healthcare planning strategist at Signature Estate & Investment Advisors, described adult daughters as the de facto family financial coordinators. “We all know that adult daughters, we bear the weight of it all,” Reid said. “They are coming to us and asking questions about their parents … they need confidence that they are doing the right thing.” Reid emphasized that initiating conversations with adult daughters or daughters-in-law builds trust and strengthens the advisor-client relationship.
Suzanne Siracuse, founder and CEO of Suzanne Siracuse Consulting and creator of the summit concept more than a decade ago, reinforced that point. “As advisors need to make sure that they are a central figure in the relationship with the primary clients, it’s also important to establish the relationship with the heirs and the next generation,” she said. Siracuse suggested that if a female client is not as involved in meetings as she would like, advisors can propose a dedicated planning conversation—an approach that not only supports holistic planning but also opens a forum for children to engage in transparent dialogue about family finances.
The urgency of this work is underscored by demographic shifts. According to the 2020 U.S. Census, one in six Americans is now 65 or older, and the 65-and-over population grew 38.6% between 2010 and 2020—the fastest rate since 1880–1890—reaching 55.8 million. As lifespans lengthen, the transfer of wealth and decision-making authority to the next generation becomes a more pressing issue, and adult daughters are often at the center of that transition.
Wealth management is also becoming increasingly female-led. Marianne Caswell, president of Park Avenue Wealth Management, cited CFP Board data showing that 69% of women are the primary financial decision-makers in their households. “You can’t make assumptions about the woman sitting across from you,” Caswell said, noting that there is no single profile for female clients. Yet confidence remains a challenge: research from Beacon Pointe Advisors released earlier this year found that only 31% of women feel highly confident managing their finances. Globally, the 2022 Global Financial Literacy Excellence Center report put women’s financial literacy at 30%, compared with 35% for men.
For advisors, the takeaway is clear. “It’s helping to give them confidence … what you have to do as a financial advisor is to give them that confidence,” Caswell said. Lisa Roberts, head of wealth management at Wilmington Trust, cautioned against viewing the process purely as an asset transfer. “It’s a relationship transfer,” she said, urging women advisors to “lean into” the relationship to boost client confidence. This aligns with broader industry research: a BlackRock survey found that 35% of women with $2 million or more in assets remain unadvised, and a SoFi survey showed women prioritize debt over investing—both pointing to opportunities for advisors who can build trust.
The summit featured more than 20 speakers across 10 content sessions, concluding with the Women to Watch Awards, which honor influential women in wealth management. Prudential Wealth Advisors served as headline partner. For advisors seeking to grow their practices, engaging adult daughters is not just a service enhancement—it is a strategic imperative in an aging, female-influenced market. As Siracuse noted, establishing relationships with heirs and the next generation is a critical piece of holistic planning, and it creates a forum for open dialogue that benefits all parties.
