Growing up on a peanut farm, DeLynn Zell learned financial literacy at the dinner table. "When my father realized he wouldn’t have sons, he knew how important it was for us to understand the financial side as well as the agricultural side of the business," she recalls. Discussions covered banking, investing, and taking calculated risks—concepts that set the foundation for her career in wealth management. "He encouraged me to get an accounting degree, recognizing its versatility. Most importantly, he wanted us to be self-reliant."
Zell, now a leading financial expert with Birmingham's Savant Wealth Management, shares insights on the upcoming shift in wealth toward women and how women and couples can prepare.
Why is the upcoming wealth transfer to women such a hot topic in the industry?
It’s the confluence of several factors. Reports vary but it is estimated that approximately $100 trillion dollars will be transferred from the Baby Boomers to the next generation over the next 20 years. However, by 2030, women in the U.S. are expected to control a substantial portion of $30 trillion in financial assets now held by Baby Boomers—a shift often called "the power shift of the century." Women also tend to live longer than men, so many will inherit wealth from their spouses and parents. One report projects that 70% of inheritances will be received first by women.
Another significant factor is that 70% of women change their financial advisor within a year after the death of a spouse, indicating a desire for financial guidance that better aligns with their needs. The financial industry recognizes that, despite the growing wealth among women, they remain underrepresented in advisory positions. There’s still much work to do to meet this fast-growing need.
What are some practical steps people can take to prepare for this shift?
Be proactive. Start by organizing your accounts and financial records and ensuring they are up to date. If you haven’t developed an estate plan, consider creating one, or at least have a will, powers of attorney, and health directives in place. Review your insurance policies to ensure you have the right coverage.
Next, have regular conversations with your spouse about finances. Discuss your assets, debt, and long-term financial goals so you both understand your financial landscape. Families should also discuss finances with adult children to avoid surprises down the road.
Finally, consider working with a financial advisor who understands women’s financial longevity needs and estate planning strategies. Some specialize in multi-generational wealth transfer, which could be a great place to start.
How can women stepping into financial independence feel more confident and in control of their assets?
Knowledge is power. Build your financial literacy by reading books, taking online courses, or joining financial communities. Understand your personal financial situation by asking questions, having discussions with your spouse or financial advisor, and setting clear goals. Having a structured plan in place gives you confidence and control over your financial future.
What do you find most exciting about this shift, and how do you see it shaping the future of wealth management?
I’m excited to see how the world might look when women control most of its wealth! While we can’t know exactly what will happen, I have a few predictions:
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Philanthropy will grow. As their income rises, women tend to give more than men, especially to organizations focused on supporting women and children. Philanthropy is expected to expand as a result.
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Entrepreneurship will increase. We could see more women launching businesses, hiring women, and reducing the wage gap. Studies show that women-led companies, or those with strong female leadership, tend to be more profitable.
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Impact investing will rise. Millennials are particularly interested in values-based investing, with 61% having participated compared to just a third of all investors. Research suggests women are more inclined to invest in companies with positive social or environmental impact.
By preparing for this historic wealth shift, women and couples can make informed decisions today to secure their financial future and build legacies that will last for generations.
"By 2030, women in the U.S. are expected to control a substantial portion of the $30 trillion in financial assets now held by Baby Boomers—a shift often called 'the power shift of the century.'"