More assets are flowing to women, and to firms well-positioned to serve them.

Women are set to take control of more and more wealth over the coming years, largely due to the increasing number of female breadwinners, as well as transfers of assets within the aging baby boomer demographic. At the same time, in certain segments of the industry, the proportion of women advisors is actually shrinking.

So appealing to women investors is an important strategic move for advisors today, and yet it’s not clear the average practice is poised to attract or retain these assets. Here are some realistic steps that could lead you in the right direction.

The main challenge with targeting women investors is that they do not meet the profile of a typical target market—unlike a business owner, retiree or executive, they don’t have a distinct set of financial needs that advisors can base their services and marketing efforts on. This means it can be difficult to strike the right tone with a female audience without making generalizations or assumptions.

It is true that women statistically live longer than men (which means they have to plan for a longer retirement), and there is some research showing women are more likely to invest conservatively and pursue philanthropy. But for all the widows and female breadwinners who leave their advisory firms, it seems unlikely that the reason is in the details of the firm’s retirement planning process or charitable giving strategies. 

This is an industry built at a time when men were almost exclusively the ones earning and managing the money, and it’s more likely that the vestiges of this era continue to make some firms more amenable to men than women. It could be that women aren’t expecting an offering that is explicitly targeting them, they just don’t want one that is implicitly excluding them.

So for firms looking to attract and retain assets controlled by women, it could be helpful to project—through your outward brand and internal culture—a departure from the stereotypical wealth practice of the past. To start, you could ensure you and your team are building relationships with couples and families rather than individual decision-makers, present an even mix of men and women in your brand imagery, share case studies and testimonials from clients who are women, and host inclusive client events.

Most female clients will not insist on working with women advisors, but there’s no denying that being a woman or having female professionals on your team are positive indications, suggesting the environment you’ve created is an equitable, inviting one where their needs will be met. This is something to consider for both female-led practices looking to position themselves in the market, as well as male-led practices looking to recruit and grow their teams.