Why Women May Control the Next Generation of Finance

Summary

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Podcast Summary: Bloomberg Businessweek

Episode: Why Women May Control the Next Generation of Finance
Date: October 1, 2025
Hosts: Carol Massar & Tim Stenovec
Guests: April Rudin (Founder & CEO, The Rudin Group), Nick Rice (Director, Brunswick)
Theme: The economic and societal impacts of women controlling an unprecedented share of global wealth, and the ensuing shifts in investment, philanthropy, and the finance sector.

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Episode Overview

This episode delves into the "great wealth transfer"—with a focus on the rising financial power of women and the transformative impact this is having on wealth management, investing, and philanthropy. Carol Massar and Tim Stenovec are joined by April Rudin and Nick Rice, co-authors of the forthcoming book Wealth Management with a Difference. The conversation spans demographic trends, the evolving priorities of women investors, the globalization of wealth, and the changing roles—and makeup—of the financial advisory industry.

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Key Discussion Points & Insights

1. The Scale and Nature of the Wealth Shift

• Women’s Growing Financial Power

  • By 2030, women in the U.S. are projected to control $34 trillion—38% of investable assets, nearly double from a decade ago. (01:27)
  • This trend is global and is influencing wealth management strategies worldwide.

• Wealth Transition, Not Just Transfer

  • April Rudin distinguishes between "wealth transfer" (the passing down of money after death) and "wealth transition" (women controlling and managing wealth for longer due to increased longevity):

    “It’s actually more of a wealth transition… Women live longer. So before that wealth transfer has happened, there’s going to be a—” (02:42)

  • The next recipients of wealth are likely Gen X, rather than Gen Z, making succession and intergenerational planning more nuanced. (03:24)

2. How Women’s Financial Control Changes Investing and Giving

• Purpose & Impact Drive Decisions

  • Nick Rice highlights that women, especially younger generations, are prioritizing investments and philanthropic activities with measurable impact and clear purpose:

    “Women are very, very passionate about using their investments and their philanthropy to fulfill specific purposes and… to ensure that they have impact in a way that might not have happened in the past...” (04:11)

• Sustainability and Global Trends

  • Sustainability is a top concern for many women investors, especially outside the U.S. April notes:

    “...our book is for a global audience and that [sustainability focus] has not died down in Europe and Asia. Impact investing. Sustainability is really hot and it's something very important.” (05:21)

  • In contrast, the hosts observe waning U.S. focus on renewables, but guests clarify this is not a universal trend. (06:01)

3. Globalization and the Evolving Financial Landscape

• Global Wealth, Local Priorities
  • April Rudin: More financial firms and people are “global in nature,” making cross-border considerations and technology integration essential. (06:20)
  • The look and feel of wealth management firms reflect their values—contrasting traditional U.S. firms with greener, more sustainable European offices. (06:20)

4. Where the Money Is Going

• Alternative and International Investments
  • Nick Rice points to the rise in alternative investments (private credit, private markets, digital assets):

    “…increasing capital flow towards alternative investments, specifically private credit… also digital assets.” (07:33)

  • Clients are seeking easier access to these through new vehicles, including in retirement accounts. (07:33)
  • International investing is becoming more complex with deglobalization—more cross-border considerations rather than less. (07:33)

5. Implications for the Financial Advisory Industry

• The Enduring Value of Human Advisors

  • Despite robo-advisors and trends toward passive investing, demand for personalized advice is increasing due to market volatility and retiring advisors:

    “It’s really the confluence of all these different things happening. It's more and more advisors retiring and its volatile markets.” (08:36)

• Diversity & Recruitment Challenges

  • The financial advisor workforce remains only 15% women, a fact April says must change as the industry itself evolves in how people are recruited:

    “There's been a real shift in who is a financial advisor and how to recruit people into it. Only 15% of the workforce is women and traditionally finance majors have been recruited. And now not so much.” (08:36)

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Notable Quotes and Memorable Moments

• On Misconceptions of Wealth Transfer:

  “People were under the impression that the transfer was also going to go to Gen Z. Right. But actually it's going to go to Gen X. And Gen X are now in their 60s and approaching retirement themselves, some of them. So I think it's more complicated than what people think.”
  —April Rudin (03:24)

• On Purpose-Driven Investing:

  “Female clients, particularly the younger generation, are more focused on measuring that impact, generating that impact and also making money through purpose-driven activities.”
  —Nick Rice (04:11)

• On Globalization of Wealth Management:

  “We spoke to 80 senior leaders across the world. Because more and more firms are global in nature and more and more people are mobile in nature.”
  —April Rudin (06:20)

• On The Changing Face of Advisors:

  “There's been a real shift in who is a financial advisor and how to recruit people into it. Only 15% of the workforce is women…”
  —April Rudin (08:36)

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Timestamps for Key Segments

• 01:27 — Introduction: Women’s rising financial influence
• 02:42 — April Rudin: Wealth transition vs. wealth transfer
• 03:24 — Demographics of inheritance: Gen X not Gen Z
• 04:11 — Nick Rice: Purpose-driven investing and philanthropy
• 05:21 — Sustainability and global differences
• 06:20 — Globalization and firm culture
• 07:33 — Nick Rice: Alternative investments and internationalization
• 08:36 — April Rudin: The need for human advisors and diversity in hiring

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Overall Tone & Takeaways

The discussion is optimistic and forward-thinking, focused on the vast opportunities ahead as women steer a larger share of global wealth. The guests emphasize the need for the financial industry to adapt—not only in products and services, but also in professional culture and diversity. The episode is rich in data, global in perspective, and maintains a conversational yet informed tone.

Recommendation:
Listeners—from industry professionals to anyone interested in the future of money—will find this episode both informative and urgent, a snapshot of how demographic shifts are rewriting the financial playbook.

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Next Steps:
Check out April Rudin and Nick Rice's forthcoming book Wealth Management with a Difference and look for upcoming events on women, money, and power for deeper insights.

Transcript

[April Rudin]

When we go into a new region, networks matter. Experience matters.

[Narrator]

For an inside look at the global connections that help businesses succeed, search for Turning Point brought to you by Bloomberg Media Studios and HSBC.

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[Nick Rice]

Amazing.

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[Carol Massar]

You're listening to Bloomberg Business Week with Carol Massar and Tim Stenovec on Bloomberg Radio.

[Tim Stenovec]

So women are controlling ever greater sums of money around the world, setting the stage for major shifts in wealth management and philanthropy. In the US alone, McKinsey expects women to control $34 trillion, or roughly 38% of investable assets by 2030. That's close to double last year's total. The figure was just 7.3 trillion. That was 29%. That was about 10 years ago, Tim.

[Carol Massar]

The worlds of finance, wealth management and banking are all recalibrating for this great wealth transfer with with more in our new weekly discussion on women, money and power, where we explore the economic implications of these changes and how to navigate them. We welcome April Rudin, Founder and CEO of the Rudin Group, and Nick Rice, Director at Brunswick. They're the co authors of the forthcoming book Wealth Management with a Difference. Your Guide to Achieving Client Generational and Business Success. It comes out late next month. They both join us here in the studio. Welcome to both of you. We've been talking about this great wealth transfer for quite a bit of time. I mean purely demographics when we think about aging baby boomers and then who ends up receiving those funds. I want to start with you April. The economic implications of these changes and what it means for New trends when it comes to investing, saving and of course giving.

[April Rudin]

Well, it's huge. It's, as you said, it's the intersection of all of these different factors coming together there. The, there's never been a better time to be in wealth management. I would say the opportunities for financial advisors and, and for all firms that are serving in financial services. That sector of women is gigantic because you have financial advisors that are retiring, you have women inheriting more money. It's actually more of a wealth transition we're going to talk about rather than a wealth transfer because actually vertical, right. Women live longer. And so before that wealth transfer has happened, there's going to be a.

[Tim Stenovec]

Why is that an important distinction?

[April Rudin]

So I started my firm 17 years ago talking about the wealth transfer and it actually hasn't really happened. You still, from those McKinsey stats, you have people still talking about it's going to happen, it's happening, is it happening? And now. And people were under the impression that the transfer was also going to go to Gen Z. Right. But actually it's going to go to Gen X. And Gen X are now in their 60s and approaching retirement themselves, some of them. So I think it's more complicated than what people think. And so it's important to pull it apart and understand more about what's happening.

[Tim Stenovec]

Nick, I want to bring you in. So how much do things change when it comes to the investing world and the approaches? Like how much is going to be different? Because I, you know, it's interesting that, you know, we sometimes men versus women and the distinctions. But is it all that different?

[Nick Rice]

Yes. So there's going to be significant change. I think all the data shows that women are very, very passionate about using their investments and their philanthropy to fulfill specific purposes and, and to ensure that they have impact in a way that might not have happened in the past or they might not have had the tools to do that always in the past. There's been a strong trend towards philanthropy among older generations, but female clients, particularly the younger generation, are more focused on measuring that impact, generating that impact and also making money through purpose driven activities.

[Carol Massar]

So where on the impact side of things, where does that end up going?

[Nick Rice]

So it varies. Right. So you can look at it through a sustainability framework. A lot of clients prefer to look at a sustainability framework targeting things like the environmental, social.

[Tim Stenovec]

I thought we stopped caring about that.

[Nick Rice]

Well, some clients don't choose to look.

[April Rudin]

At it through a sustainable sarcasm, everyone.

[Nick Rice]

It varies depending on the client. But a lot of clients target the same underlying causes, whether or not they use a sustainability framework. You can target health care as a client through your investments, through your philanthropy. You can use the sustainability framework to do that, or you cannot use the sustainability framework. There are various different ways of cutting.

[Tim Stenovec]

The pie I want to bring you in. And the same thing like, you know, why is it so different? But we hear from Nick that, yes, it will be different.

[April Rudin]

Also cheer point. I think sometimes the US is very US centric. And whereas that might be true in the US Our book is for a global audience and that has not died down in Europe and Asia. Impact investing. Sustainability is really hot and it's something very important.

[Tim Stenovec]

I love that you went there. We're just coming off the UN General assembly and we did a big broadcast last Wednesday from the Plaza. Bloomberg does a big event, a global forum. And I felt like most of who we talk to a lot of European officials and yes, talking about alternative energy, renewables, how it financially makes sense, that nothing's changing. And that really struck me in those discussions.

[Carol Massar]

Well, it struck us because here in the US the changing administration has really changed the tone when it comes to renewables and also when it comes to foreign aid. And pretty much every guest we spoke to, Carol at that event was talking about how to maximize the impact of foreign aid and how to maximize the return from renewables.

[Tim Stenovec]

Yeah, I think it's kind of fascinating.

[April Rudin]

So that's one of the reasons why we went global on this book and we spoke to 80 senior leaders across the world. Because more and more firms are global in nature and more and more people are mobile in nature. And so having a better understanding of what our world is and technology connecting us is truly important. Even visiting some of the headquarters of some of the firms and you can see a huge difference. Where some firms are very traditional in the way that they look, other firms have a more sustainable approach. As Nick was saying, you see firms that have more green, more exposed brick, you know, they, in London, they've purchased a building and have redone it. Something we don't really see here in the US where we're just going to, you know, knock the building down and build something back up again. But there's an effort to create sustainability and demonstrate it through their brand.

[Tim Stenovec]

What does this mean in terms of money flow? So we are Bloomberg, and that is something, whether it's a fund advisor, whatever, you know, Tim and I constantly talk about. So where the money goes. So, Nick, where does the money go? Potentially, as we see this money trend, this wealth transition, where does it go? Is it greener? Sustainable efforts? Is it more global efforts? Like how do you see it playing out?

[Nick Rice]

I think alternatives are a big piece of this. We're seeing increasing capital flow towards alternative investments, specifically private credit and things like private markets, but also digital assets. Right. And we've seen the rise in vehicles that will enable that. Right. Be those through new types of vehicles that wealth management clients can more easily access or also increasingly through retirement plans. Right. We saw the executive orders the other week. That's an important part of it. Also international is a very important part of it. I think people thought with deglobalization that it would just make people more domestic. In reality, it makes your international footprint more complicated. And we're seeing a lot of wealth managers retooled in order to account for that greater international footprint.

[Carol Massar]

April, I want to finish where we started with you. And you said that there's been no greater time to be in wealth management. If you would have told me in 10, 15 years ago that that would be the case for 2025, I wouldn't have believed you. Because we saw the rise of robo advisors, passive investing, the idea of setting it and forgetting it, which I thought millennials would be doing, make the argument and make the case that people are paying that higher fee to get that personalized advice.

[April Rudin]

So it's really the confluence of all these different things happening. It's more and more advisors retiring and its volatile markets. As the mother of two Gen Z kids, I'll tell you that they're more conservative than what people think. And I think they want to have bigger brands that they rely on. So I think there's an opportunity there. I think that there is a general need for more financial literacy and amen around that because even for financial advisors. I was just going to add one more thing which Nick and I always talk about. There's been a real shift in who is a financial advisor and how to recruit people into it. Only 15% of the workforce is women and traditionally finance majors have been recruited. And now not so much.

[Tim Stenovec]

We have to leave it there. I hope we can continue in the future. April Rudin, of course, of the Rudin Group. Nick Rice of Brunswick and check out their book Wealth Management With a Difference. And also we have a special event in London. Women, Money and power. Be sure to check it out.

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