By Khalil Garriott
As the calendar soon flips to 2025, the millennial generation will affect the future of the economy, and women will play a central role in the finance industry.
Check out the latest in client relationship management, ideas and technology, planning and advice, asset management, trust administration and so much more at the 2025 ABA Wealth Management and Trust Conference in San Diego, Feb. 24-26. Register now.
At the ABA Wealth Management and Trust Conference, Michelle Doyle, assistant vice president and channel marketing manager at Federated Hermes, shared these insights and use cases for conference attendees to factor them into their businesses.
“I have a sizeable nest egg, and now I’m wondering, ‘What the heck do I do with it?’” she asks.
Attendee Velena Berny, SVP and trust director at Truist Wealth, says that women and younger generations now have a greater understanding of finances than previous generations. “Men and women now equally participate in job roles, education and decision-making,” she says. “This is a shift from previous generations when fathers and husbands handled everything, and the children and wife were left out of the most important parts of their financial futures.
“I’m excited to see women of all ages taking a seat at the table either in the workplace or home, being educated and involved in all major decisions for their families. The number of women entering our field of finance will only grow over time.”
It’s a topic with familial ties. Berny’s mother, the first woman in her family to attend college, was an equal to her father in earning contributions and running their household. Her then-CPA husband has been a stay-at-home father for their two children for 17 years.
She says, “I have been the main earner in our household for all these years; I make most of the financial decisions, even if my husband doesn’t agree, and we share in the running of our household. Our children are being raised to understand finances, the importance of education and having the ability to make your own choices.
“My daughter has always expected herself to attend college and be a professional, and my son now sees all women as an equal in the workplace, as a boss and the leader of the home. I can tell you there is no going back!”
For Heather Urbanovsky, CTFA, VP and trust officer at Bank of America, the theme is timely and very interesting.
“My generation shouldn’t be overlooked by the finance industry,” she says. “We’re an educated generation with high earning power and an unprecedented wealth transfer coming our way in our lifetime. We truly are leading the future of finance in many ways and are becoming an integral part of the financial world.”
On average, millennials check their phones 43 times per day, meaning they’re constantly “plugged in” and available. And they’re values-based, so they want to see what organizations value on their main communication channels. These characteristics represent opportunities for wealth advisers.
“They want to spend their dollars at places that align with their values,” Doyle says.
According to Doyle, two-thirds of millennials report being taught about financial planning.
“I think the media portrays it as millennials are not great savers,” she says, “but in addition to their economic gains, they inherit familial wealth.”
Doyle also showed dozens of demographic statistics about millennials. Seventy-four percent of millennials want to learn more about investing, and 71 percent want all their financial business at one institution. This creates enormous potential for women in wealth management, which has historically been a largely male-dominated industry.
“Women are successful in building relationships with future decision-makers — both within the industry and as clients — and helping encourage, empower and educate them within wealth management and financial planning,” Urbanovsky says. “Female advisers will continue to play a vital role in the future of the finance industry. It’s up to us within the industry to shape how we lead, educate and develop future generations of women, as both colleagues and clients.”
Doyle’s presentation, “The Ascendancy of Millennials and How the Future of Finance Is More Female,” also covered the motivations of those two demographics regarding financial sector services.
In financial advisers, clients want a close relationship, along with independent advice.
The industry is data-driven — but if you can root decisions in experiences, you’ll make a bigger impact. We forget data. We remember stories.
“The future of our business is not necessarily in the analytics,” says Tim Owings, a wealth management author and coach. “It’s emotion that drives financial decisions.”
Doyle adds: “I think that millennials really, really want choices in their asset management portfolios.” She suggests advisers “take advantage of that, and make sure that your process aligns with what millennials and females want.”
Urbanovsky notes that women have a longer life expectancy than men, which can lead to prolonged female-driven investment relationships. According to a 2024 Bank of America study, millennials and Gen Z are looking beyond traditional stocks and bonds to encompass their overall wealth outlook.
“It will be interesting to see how marketing and investment models pivot to match this changing landscape,” Urbanovsky adds. “Indicators are already showing millennial women engaging more through social media and physical activity. The overall generational outlook is going to paint a vastly different picture than that of our predecessors, and I’m looking forward to being a part of this momentum.”
