This publication talks to senior UBS figures in the US about business matters, succession management, capital-raising, financial planning and more – and all from the point of view of women.

It is, as this publication knows only too well, important to report all year round on the views and news of women when it comes to wealth management. 

According to McKinsey’s 2020 study, Women as the Next Wave of Growth in US Wealth Management, women in the US are set to inherit the majority of the estimated $30 trillion expected in the wealth transfer over the next decade.

As the International Women’s Day event was held earlier in March, Family Wealth Report took time to speak to Bianca Benedetti-Fang, sales manager, central region, UBS, about the Switzerland-listed bank’s strategy and approach. FWR also spoke to Jill Lloyd, financial advisor, UBS, on related topics. 

FWR: While succession planning has certain common threads for men and women, can you explain what is specifically important for women in this area and give examples? What sort of challenges in succession planning do women face, and why?     
Benedetti-Fang: Communication: Many business owners put off having succession conversations, both with key employees in privately held companies and active/nonactive family members in family businesses. Founders may see the exit as far off and something that can be addressed later. 

Owners may not be considering that first, an unplanned event (like an illness or injury) could put them in a situation where they need to quickly and unexpectedly rely on a strong succession team; second, that it takes time to create and train a successful succession team, and third, in the absence of communication, the owner may not realize that potential successors may not be interested in running the company/taking on a leadership role.

Some female founders may not want to take on investors or debt (or may not have access to funding) and choose to bootstrap their businesses. Due to capital constraints, they may not want to have a large senior management team and instead wear a few different hats in the CEO position. While cost-effective in the short term this can pose longer-term challenges as the company grows and will be an issue when an owner wants/needs to exit. Many potential investors or buyers may also view this as a key man risk and it could impact the longer-term growth potential and value of the business. 

Many owners don’t have formal buy/sell agreements in place, because they have had verbal conversations but don’t see any urgency for formalizing these terms.

FWR: What should advisors do to help fix these issues?
Benedetti-Fang: Creating a financial plan is a fantastic strategy to help owners consider their longer-term financial objectives and goals to envision the bigger picture. The truth is that 100 per cent of business owners will exit their companies. Getting a sense of how the financial success of a company may contribute to their longer-term goals and legacy can be helpful in motivating the business owner to start envisioning their life outside of the business and begin planning their exit more formally, including starting to identify and train their succession team.

Financial advisors can also help facilitate difficult conversations between business partners on buy/sell agreements or within families for family-run companies, helping to ensure that everyone has a more solid understanding of each other’s goals/expectations and can move forward with a reliable and realistic succession plan.

FWR: How well or badly do advisors handle these tasks?
Benedetti-Fang: Advisors are advocates for owners to consider how the growth of the business affects their overall financial goals and lifetime wealth. In many ways they are ideal trusted partners to help guide owners and suggest financial strategies they could/should consider to facilitate their goals.

Jill Lloyd
FWR: While succession planning has certain common threads for men and women, can you explain what is specifically important for women in this area and give examples? What sort of challenges in succession planning do women face, and why? What should advisors do to help fix these issues? How well or badly do advisors handle these tasks?
Lloyd: While the fundamentals of succession planning apply to all business owners and investors, women face distinct challenges and opportunities due to differences in financial priorities, investment behaviors, and wealth transfer goals.

Women often view wealth not just as an asset to be preserved, but to create financial security, support family members, and advance causes they care about (UBS, Women and Investing – Planning for Your Legacy, 2023). Without a clear plan, wealth may not be distributed in a way that aligns with these priorities, leading to higher taxes, misallocation of assets, or unintended financial burdens on heirs

Research indicates that 56 per cent of women are unsure how much wealth they can pass on, and 55 per cent who intend to leave an inheritance have not formalized a plan (UBS Investor Watch Survey, 2022; Financial Times Adviser, 2021).

Without a well-structured succession plan, wealth can be significantly reduced due to inheritance taxes, legal disputes, or financial mismanagement by beneficiaries.

Women are more likely than men to prioritize values-based financial planning, including philanthropy, impact investing, and legacy-building. However, only 14 per cent of women have consulted an advisor about charitable giving, and many have yet to discuss financial matters openly with their heirs (Women and Giving, Fidelity Charitable, 2021; UBS Investor Watch Survey, 2022).

Key challenges in succession planning for women include:

Lack of formal financial planning – Many women delay financial planning due to competing priorities or the belief that it is premature. However, delaying these decisions limits future flexibility (Financial Times Adviser, 2021).

Without a structured plan, heirs may face higher tax liabilities, legal disputes, and financial uncertainty.

Women are more likely to take a conservative approach to investing, prioritizing stability over high-growth strategies (UBS Investor Sentiment Survey, 2020). While risk management is important, overly conservative investment strategies can erode purchasing power over time, reducing the long-term impact of wealth transfer.

Many women prioritize legacy-building, yet less than half have engaged in open financial discussions with their families (UBS, Women and Investing – Planning for Your Legacy, 2023). A lack of communication can lead to unclear expectations, misaligned financial decisions, and difficulties in maintaining family wealth across generations.

Advisors can encourage participation in financial decisions. They should help women integrate sustainable investing, philanthropy, and long-term financial goals into their estate plans

Open conversations about financial responsibility, inheritance, and family governance can help ensure a smoother wealth transition and better-prepared heirs (UBS Investor Watch Survey, 2022). Women’s approach to succession planning extends beyond wealth preservation – it is about financial security, empowering future generations, and ensuring that wealth reflects their values. However, without proper planning, strategic investments, and open communication, these objectives can be compromised.

FWR. Why is this year a prime opportunity for female business owners and what does this year still have that might cause a problem to be navigated?
Lloyd:: 2025 presents a prime window for female business owners to plan and execute successful business exits – but only for those who are prepared. The economic landscape is shifting in ways that make business transitions more favorable, yet challenges persist that require careful strategy.

FWR: What is the sector doing to bring in more female advisors, what challenges must be surmounted?
Lloyd:: While some women are deeply engaged in creating and managing their wealth, the majority do not initially approach wealth with high confidence. Many women come into wealth â€“ whether through inheritance, divorce or widowhood – feeling less sure of their financial knowledge. No matter where women are on their financial journey, I have found that they want to be met where they are and not overwhelmed with jargon or spoken down to. Instead, they seek clear, succinct advice to help them make informed financial decisions.

Research shows that women tend to take a holistic approach to wealth, focusing on long-term financial security, wealth preservation, and aligning their investments with their values. Many prioritize financial planning, and financial education for themselves and their children, seeking an advisor who acts as a trusted partner rather than just an investment manager.

Financial firms that recognize these differences and deliver personalized, education-driven, and values-based advice will be the winners. Women seek financial partners who listen, educate, collaborate, and help them to build confidence rather than simply dictating investment strategies.