Banks miss $10t opportunity by neglecting affluent women

Women will be at the forefront of wealth management over the next 20 years but are still less likely to work with wealth managers, presenting a multi-trillion-dollar opportunity for financial advisors, according to McKinsey & Company.

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Affluent women are expected to inherit up to $105t over the next 20 years in the US and Europe alone, according to McKinsey experts Alex Panas and Axel Karlsson, citing a report by Fortune.

This untapped market presents a potential $10t opportunity for wealth managers by 2030.

In the US and EU, for example, women currently control about a third of all retail financial assets. This market share is expected to rise to 40% to 45% by 2030.