Emerging Philanthropic Trends for Women & Wealth: Professional Advisor Event

Professional advisors across disciplines can provide many unique financial strategies to support female clients (and their families) in managing, preserving, and growing their wealth. But, aside from the obvious reasons, why is empowering women critical to professional advisors or philanthropy? According to McKinsey, U.S. women control approximately $11 trillion in assets, a number that is expected to soar to $30 trillion by 2030 because of their increased earning power and wealth transfer. 

Continue reading to learn more about the emerging philanthropic trends and their implications for women, which were discussed in more detail at our Annual Fall Advisor Breakfast centered around Women, Wealth, and Wisdom, featuring Steph L. Wagner, National Director of Women and Wealth of Northern Trust. Wagner led a panel of experienced professionals on topics ranging from navigating the financial impacts of divorce, crafting effective inheritance and wealth transfer strategies, supporting clients through losing a spouse, and empowering entrepreneurs to build and sustain long-term wealth.  

A Look at the Data 

In addition to McKinsey’s staggering prediction that U.S. women are expected to control $30 trillion in assets by 2030, here are some more statistics related to women and wealth today:  

• 3,000% growth in women-owned businesses since 1972 (U.S. Census Bureau). 
• 400% increase in the number of women who founded or co-founded businesses valued at $1 billion or more between 2021 and 2022 (Crunchbase). 
• 50% of women earn as much or more than their husbands (Pew Research). 
• 32.4% of senior management positions in mid-market businesses are now held by women. (Women in Business 2023, Grant Thornton). 

We are on the cusp of a “Great Wealth Transfer,” where, according to Windfall Data, an estimated $84 trillion will be passed down from Baby Boomers to younger generations. This transference of wealth will only continue to grow a woman’s role in philanthropy. Indiana University Lilly Family School of Philanthropy’s Women Give 2020 report shows that women are 40% more likely to donate to charity than men, with higher lifetime giving overall.  

Charting a New Course for Women 

Despite their growing financial achievements, UBS has revealed that 56% of married women are still deferring long-term financial decisions, like investing, wealth transfer planning, and more, to their male spouses. Here is some additional data from UBS regarding the choices women are making today:  

• Less than 35% of families today are “traditional.” 
• 52% of women who are single.
• 44% of adults 18–49 who don’t plan to have children. 
• 75% increase in cohabitating adults 50 and older since 2007. 

Insights Uncovered: Tips to Engage Women Clients and their Families in Financial Planning 

Through engaging conversations with our panelists—renowned experts in their fields—we uncovered valuable insights into unique strategies designed to empower women clients and their families in their financial planning. These discussions illuminated practical approaches to managing, preserving, and growing wealth, equipping attendees with knowledge to enhance their partnership with their clients. 

Involvement
Involving key stakeholders in financial planning is essential, especially when transitioning significant wealth or integrating new partners. Neglecting to include important parties, such as spouses and children, who are part of a legacy or a succession plan can lead to insecurity, frustration, and avoidable errors. Ensuring these stakeholders are included fosters alignment and strengthens buy-in.  

Avoid Presumptions
Professional advisors should avoid making assumptions about a female client’s knowledge or engagement levels in financial planning. It’s critical to meet each client where they are in terms of financial understanding. While a female client may excel at building businesses and wealth, managing it for future generations often requires specialized expertise, which is why they seek your expertise as a professional advisor. Making assumptions can undermine trust and impede the advisor-client relationship.  

Nurture Loyalty
As more women come into wealth, whether through their own achievements or significant life events like divorce or death, many prefer working with female advisors. According to  Transamerica, an estimated 70% of women leave their financial advisor within the first year of a spouse’s death. To retain clients following major life changes, advisors must build relationships with both members of a couple. Ensuring both partners are present for critical meetings is key to fostering a sense of inclusion and partnership in decision-making. 

During these meetings, advisors should actively engage both partners by asking follow-up questions to confirm understanding and making eye contact with each individual. This approach reinforces that both voices are valued and helps build trust. Patience and attentiveness go a long way in cultivating a deeper connection, so advisors should make a dedicated effort to truly get to know each partner. Prioritizing a relationship with both members of a couple not only strengthens the advisor-client bond but also lays a foundation for long-term client retention. 

Philanthropy’s Role
As more women choose not to marry or have children, the importance of philanthropy in estate planning grows. In these cases, a significant portion of their wealth may be allocated to charitable causes. Advisors should encourage clients to adopt a long-term perspective on philanthropy, considering whether the issues and/or organizations they support today will remain relevant or operational in the future. Partnering with organizations like Greater Houston Community Foundation can facilitate these conversations and help integrate philanthropic goals into a client’s financial strategy for now and for their legacy. 

In addition, philanthropy can be particularly energizing for all clients, but female clients in particular, providing a meaningful way to express values and vision for the future. Engaging in charitable activities now allows clients to shape their philanthropic legacy and approach the next chapter of life with purpose and excitement.  

Family Meetings
Hosting an annual family meeting is crucial for fostering alignment and inclusivity. These meetings provide platforms for discussing essential business, legal, financial, and philanthropic topics. Philanthropy often serves as a unifying factor within families, offering a space where all members can contribute equally and find common ground. Greater Houston Community Foundation has the tools to help a family discuss values, which can be incredibly valuable when discussing philanthropy, while a professional advisor offers critical technical advice. 

Meet our Panelists 

A special thank you to our remarkable speakers, all experts in their fields, who helped attendees explore unique strategies they can provide to empower women clients (and their families) to manage, preserve, and grow their wealth.  

Steph L. Wagner, National Director of Women and Wealth of Northern Trust
Steph L. Wagner is responsible for leading Northern Trust’s advisory practice for women and oversees its Elevating Women platform. Her personal story is one of reinvention: from private equity vice president to stay-at-home mom, to single mother fearful about her financial security, to successful businesswoman. This journey inspired Steph to devote her life to educating and empowering women to take charge of their financial lives. 

Prior to joining Northern Trust, Steph served as Managing Director and Co-founder of Sendero Women & Wealth, a division of a registered investment advisory firm based in central Texas. Prior to that, Steph built a national consulting practice as a financial strategist for high-net-worth women in transition. She was also the founder and CEO of WomenWealthyWise, where she partnered with wealth management firms nationwide to strengthen their women’s initiatives. Prior to starting her businesses, Steph worked in private equity as a Vice President at Gemini Investors, a Boston-based private investment firm focused on providing capital to established, smaller middle-market businesses. 

Today, Steph is a nationally recognized thought leader on the intersection of women and wealth. She has developed a specialized expertise in utilizing financial strategies and empowering women with the resources to maximize their financial success. Steph’s expertise has been featured in Entrepreneur magazine, MarketWatch, Fox News, Yahoo Finance, Business Insider, Barron’s and Bloomberg. 

Steph is a graduate of the University of Southern California Marshall School of Business. She is currently a governor-appointed trustee of the Texas Emergency Services Retirement System and former Board President and member of Center for Community Solutions, which serves survivors of domestic violence and sexual assault. 

Yolanda Chavez Knull, Partner of Ytterberg Deery Knull LLP
Yolanda’s practice focuses on estate planning and family wealth transfer for individuals and families within and outside the U.S.  She has experience in income, gift, estate, and generation-skipping tax matters.   

Yolanda has experience assisting clients with estate planning, estate administration, cross-border estate planning, and private foundations.  Her estate planning experience covers designing and implementing estate plans to meet the family and philanthropic objectives of clients in a tax-efficient manner; assisting individuals and families in designing and implementing succession plans to transfer ownership and management of family enterprises; assisting clients in creative approaches to dealing with difficult wealth-related family issues; and assisting in structuring tax-efficient settlements of fiduciary and family disputes including contested probate and trust matters and in connection with the dissolution of marriages.   

She has also assisted many clients with estate administration, including assisting executors in the administration of large and complex estates including important art, closely-held businesses, minerals, ranches, etc. through initial probate, preparation of federal estate tax returns, audit by the Internal Revenue Service, and funding of bequests; and assisting estates and individuals with negotiating and selling important art directly or through auction houses. 

Yolanda has extensive experience with cross-border estate planning for clients, including pre-immigration estate planning; coordination of estate tax and inheritance laws of U.S. and foreign jurisdictions; planning for U.S. persons expecting inheritances from non-U.S. family members; and advising non-U.S. persons with respect to U.S. gift and estate tax and Texas trust and probate law matters. 

Her work with philanthropic individuals and families has led to broad experience with private foundations and planned giving, assisting clients in the creation of private foundations, including formulating their mission statement; advising private foundations with respect to changes in state and federal tax laws; assisting private foundations in creating and implementing succession plans; and assisting both donors and recipient charitable institutions with structured gifts and bequests, federal tax and federal and state compliance matters. 

Brandon Henry, Founder & CEO of Mosaic Advisors
Brandon brings a wealth of experience from his time with some of the nation’s largest financial service firms, where he had the opportunity to advise hundreds of business owners and their families on business, tax, charitable, and asset protection planning. Today, Brandon spends his time assisting entrepreneurial families to navigate the inevitable complexities that accompany substantial success.  

A sought-after speaker, Brandon frequently presents on tax, succession, and philanthropic planning to entrepreneurs and their professional advisors. He has taught courses at Southern Methodist University and the University of Houston, and mentors aspiring entrepreneurs through the SURE Program – a non-profit initiative of the University of Houston. Brandon also serves as Board Advisor to several Texas-based, family-owned companies.  

Originally from Southern California, Brandon relocated to Houston after wrapping up his studies at California State University, San Bernardino. When not in the office or at the gym, Brandon is likely looking for his next action-packed adventure in a remote part of the world. 

Lacey Fluor Goossen, Chief Operating Officer of Texas Crude Energy, LLC (TCE)
Lacey Fluor Goossen is the Chief Operating Officer of Texas Crude Energy, LLC (TCE), a private, independent oil and gas company. She splits her time between TCE and running her family office 

Lacey attended St. John’s School, graduating in 2002. She matriculated to Southern Methodist University, earning double degrees in Finance and Psychology. Post-graduation, she moved back to Houston to work at Anadarko Petroleum Corporation in Corporate Finance and Investor Relations. Mrs. Goossen then obtained her Master of Business Administration from The Jones School of Business at Rice University, before joining Texas Crude in 2012. 

Lacey is active in the philanthropic community, including service on the St. John’s School Board of Trustees, board member of a private foundation, former board member at the Greater Houston Community Foundation and other engagements. She and her husband, Matt, have two children, Lilly & James. 

More Helpful Articles by Greater Houston Community Foundation: 

Giving with Clarity: The Power of Intentional Giving in Family Philanthropy
The Growing Influence of Women in Philanthropy
Empowering Clients: Harnessing Holistic Solutions
The Future is Now: What is Next Gen Philanthropy?
The Relationship Between Estate Planning and Charitable Giving

This website is a public resource of general information that is intended, but not promised or guaranteed, to be correct, complete and up to date. The materials on this website, including all comments and responses to comments, do not constitute legal, tax, or other professional advice, and is not intended to create, and receipt or viewing does not constitute, nor should it be considered an invitation for, an attorney-client relationship. The reader should not rely on information provided herein and should always seek the advice of competent legal counsel and/or a tax professional in the reader’s state or jurisdiction. The owner of this website does not intend links on the website to be referrals or endorsements of the linked entities.