The Great Wealth Transfer Is Being Powered By Women

American women over 60 last year controlled some $8 trillion of liquid wealth assets, according to a McKinsey survey

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Schinke, an estate attorney, was familiar with how overwhelming it could be because she had seen it with her clients. "You're grieving, you're mourning, and on top of it, you've got this cacophony of important financial issues to deal with," she said.

After her husband died, Schinke immediately switched financial advisers. She wanted someone who could help her plan for the travel and home renovations she hoped to do. She bounces ideas off her new adviser now that she is managing her wealth alone, she said.

Men are the primary financial decision makers in about 60% of affluent U.S. households, McKinsey reports. Older women in particular are less likely than men to have relationships with their financial advisers, according to Bank of America. That often turns the death of the spouse into a moment to reassess who is managing the money. Some 70% of women change advisers after the spouse dies, according to the insurance company Transamerica.

When it gets messy Being thrust into the position of financial manager can fray family ties, especially when it involves directing how the family wealth is transferred to the next generation.