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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for wealthy investors and consumers. Register to receive future editions, straight to your inbox.
More women are entering the wealth management industry, but they have yet to gain traction in client advisory roles, according to a recent study by private wealth intelligence platform Fintrx.
Although the data shows an improvement in the gender gap in the sector, the nuance remains notable. Revenue-generating roles are generally better paid and more conducive to leadership roles, according to Emily Goldman, Fintrx’s vice president of data and research.
“The underrepresentation here directly affects the earnings of female employees,” Goldman said. “And this lack of leadership and ownership opportunities is also going to affect their long-term profits.”
Younger women are making progress in wealth management in general, with women making up 37.6% of registered professionals aged 20 to 30, according to Fintrx. For the 30-40 and 40-50 age groups, the share of women hovers below 27%.
This change comes as women’s wealth is expected to explode in the coming years. Cerulli Associates estimates that $105 trillion in wealth will pass to heirs through 2048, with $54 trillion of that going to spouses. Since women tend to live longer than men, they will likely receive the lion’s share.
However, even though young women are entering the industry in greater numbers, the growth is concentrated in administrative or operational roles, according to Goldman.
Women represent only 20.2% of producer advisors aged 20 to 30, an almost identical percentage for advisors aged 30 to 40 and 40 to 50 years. This share is only slightly higher than that of advisors aged 50 to 60 (18%) and 60 and over (17.1%).
This gender gap is also reflected in senior management, according to Fintrx. Women make up 21.5% of leadership positions at wealth management firms and are more likely to hold COO or CFO positions than managing director or investment positions, the company found.
“This shows that companies need to create better pathways to these revenue-generating roles and leadership,” Goldman said. “Because when you get into operations, compliance, legal, there’s not an easy transition from those book-owner roles to long-term strategic leadership roles.”
She noted that a growing number of advisors are starting their own firms. In 2025, 39 new registered investment advisory firms were founded by women, compared to 30 in 2021.
“I think we’ll see more and more women thriving if they’re not able to advance as much or as quickly in business or in big companies,” she said.