Wealth, Business And The Woman’s Perspective – In Conversation With UBS

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 – 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.