When I was 31 years old, my father died. He had a fatal heart attack while mowing the lawn after dinner on a beautiful August evening. My mother, his wife, was 63. Dad had a will, but aside from that, my siblings and my mom and I were suddenly flying totally blind as to how to proceed financially as a family. We had almost never discussed it.

My parents were both from a generation that did not talk about money, even among family. I think for Dad, it was a lesson he learned from his parents, who had lived through the Great Depression, and Mom conformed to the custom of the day of taking her cues f rom her husband as it related to financial matters. This, despite her being a graduate of Duke University, where she was an excellent student, who went on to have a long career as a teacher at Broughton High School in Raleigh and later became chairman of the Wake County school board — a woman, in other words, who was more than equipped.

What a terrible approach that was. We all “kept calm and carried on,” and Mom lived another two decades in relative comfort, but I would not wish the experience she had on anyone. She was completely reliant on her children for financial advice and assistance. Looking back, it would have been so easy for her, a woman who always balanced her checkbook and kept impeccable financial records, to be fully prepared for the last quarter of her life if only she had had a plan.

Over the next decade and beyond, women are about to inherit the lion’s share of the greatest transfer of wealth in modern history. First, because women live longer than men, there will be a tremendous shift in wealth from men to women as Boomer men pass away, leaving their assets to their spouses. Second, as Millennials inherit this wealth, single women will inherit vast sums.

According to McKinsey, American women will manage about $34 trillion by the end of this decade, a sum greater than the United States’ Gross National Product. The total size of the Great Wealth Transfer over the next two decades is expected to be between $84 trillion and $124 trillion. In addition, the 2024 Cerulli Report shows that $54 trillion will transfer to widows through 2048, and more than 95% of that will go to women. These are truly Malthusian numbers, and the impact of this shift in gender ownership will be far-reaching.

First, many women will need financial advisors. This will create extraordinary opportunities for advisory firms that can gain the trust and support of women investors. This will prove very interesting because the wealth management industry is comically short of women advisors — according to the CFP Board, only 23.8% of certified financial planners are female. If you are a woman just starting in your career or contemplating a career change, consider wealth management. The clients are coming, and the industry needs you.

Second, I can’t help but think you may be a lot like my mom — whip-smart and highly capable, but lacking confidence in financial matters because of the culture in which you grew up. I cannot overstate the importance of preparedness for the death of a parent or a spouse, whether there is a large inheritance or none at all. Having an advisor, or at least taking steps to get to know and engage with financial advisors, estate attorneys and others who can help chart the course forward, is absolutely essential. You don’t have to be a financial professional by any means, but it helps to at least know who will be on your team. If you have children who can help, great, but have the conversations about expectations in advance.

Third, the same longevity creating the wealth transfer windfall for women will also create very real needs down the road. Women start out earning less than men (attribute the gender pay gap to whatever you like, but it is real) and statistically earn about 81 cents for every dollar men earn working full-time — a gap that widened in both 2023 and 2024, marking the first back-to-back decline since records began in the 1960s. This means that women start with a disadvantage and have to make their investments last longer.

Data shows that women, demographically, can be excellent investors, as they tend to look at their investments holistically and stick with their plans. A University of California at Berkeley study suggested that women were better investors than men over the long term because they tended to trade less and thus made fewer mistakes. (Note: Why do I find this so easy to believe?)

Moreover, the 2024 Cerulli Report shows that relationships are the primary driver for 53% of women investors, compared to 42% of men. A demand for that level of connection shows some agency and suggests that many women will change advisors when the time comes — not a vote of confidence in the status quo, but a good sign for women. This impulse for independence will also dramatically impact entrepreneurship and philanthropy.

In the coming years, the wealth management industry will undergo a tectonic shift of assets toward women — a pivotal moment as women increasingly take the lead in their financial affairs. Will the industry be ready? Will you be ready?

For everyone’s sake, I sure hope so. You know who would have wanted that more than anyone? My parents.