By Staff Report Thursday, August 21st, 2025

Welcome to our Women & Wealth Focus Panel, a new report from the Business Times. We’ve had such a strong response to our Spring and Fall forecasts that we decided to add a focus report that gives the opportunity for female leaders throughout the financial industry here on the Central Coast to provide insight and advice to our audience. 

For our Women & Wealth panel, we asked eight experts to weigh in on the topic of life-stages investing. Our Q&A was conducted via email with Editor Henry Dubroff and lightly edited. To suggest future topics, email me at [email protected]. For sponsorship and advertising, email Publisher Linda Le Brock at [email protected]. Our panelists are: 

Q1: What are one or two priorities for women to keep in mind when thinking about investing over life stages?

Eva: First, we should celebrate the continued growth and influence of women. In the U.S., women-owned businesses grew 13.6% from 2019 to 2023 and now represent 39% of all firms, with women founding nearly half of all new businesses in 2024. These businesses generate $2.7 trillion in revenue and employ over 12 million people. And according to a recent McKinsey report, women in the US are projected to control a majority of the $30 trillion in assets held by baby boomers by 2030. Simply put, women are in the driver’s seat when it comes to generating wealth. 

When I work with clients, I always start by getting to know their goals, needs and comfort with risk. Life stage plays a role, but I believe your individual circumstances, career path and aspirations should guide your plan. Starting early and staying engaged is so important. I encourage clients to ask questions, revisit their strategy regularly, and understand how each decision moves them closer to their goals. I also like to think in “buckets”—what you spend now, what you save and invest for the future, and what you give back. For women, especially with the significant wealth transfer happening in the coming years, there’s a real opportunity to take an active role and shape a financial legacy. Plans should also be flexible enough to adapt to major life changes—whether that’s a career move, family milestone, or new priorities—so they continue to serve you well.

Patrice: One priority I always highlight is investing with longevity in mind. Women tend to live longer, which means our money needs to last longer, too. That makes it especially important to stay invested over time and avoid the temptation to “wait until things feel more certain” because markets are rarely certain, but time in the market matters more than timing it. Another key priority is aligning your investments with your values and goals, not just chasing returns. Your investment portfolio should reflect where you are in life, whether that’s growing your wealth, protecting it, or creating income in retirement. The biggest shift happens when women stop thinking investing is about being perfect or predicting the future and instead see it as a tool to support the life they want to live. You don’t need to know everything to begin. You just need to start with intention.

Daniele: As women, our relationship with money often reflects our relationship with power, time, and choice. That’s why nourishing your net worth is essential. Two key priorities? Start early and stay diversified. In the accumulation phase, time is your superpower. If you invest $5,000/year starting at age 25 with a 7% return, you could have over $1 million by age 65. If you wait just 10 years, you might end up with half that. Where you save matters too. A Roth IRA offers tax-free growth — compared to a Traditional IRA, where taxes come later. Early investing adds money to your pocket. In the preservation phase, your focus shifts to protecting your wealth. Diversification becomes your built-in defense against overconfidence. Low-cost ETFs provide broad market exposure, reducing reliance on any single stock or story. And in the distribution phase, your portfolio becomes income — supporting how you spend your time, and on your terms. That’s financial power, redefined.

Hannah: Women’s financial priorities shift as life stages change, and so should the strategy guiding them. When starting out, the focus is often on building strong financial habits — consistent contributions, diversifying early, and maximizing savings in the right vehicles. During the wealth-building years, priorities expand to include long-term investing, risk management, and avoiding lifestyle creep. We also recognize that real estate can be an important and strategic component of a portfolio, offering both income and diversification. Later, the emphasis often shifts to keeping and using wealth wisely—planning for a sustainable income, protecting assets, and ensuring a thoughtful transfer to future generations or charitable causes. Our team uses The Family Index® to determine the exact return needed to achieve these evolving priorities. As your financial situation becomes more sophisticated, integrating tax and estate planning into investment decisions becomes essential—strategies like donating appreciated securities to a donor-advised fund can maximize both impact and tax efficiency. We adapt your plan so it stays aligned with your goals at every stage of life.

Nicole A.: Women often live longer than men, so our financial plans must be built to last, sometimes for decades in retirement. On top of longevity, women may face unique life transitions — career breaks, caregiving responsibilities, or widowhood — that can impact earning and saving patterns. Flexibility is key: maintain diversified investments, an adequate cash reserve, and a healthy mix of taxable and tax-advantaged accounts. Equally as important is staying engaged. Understanding your financial picture and taking part in decision-making ensures your plan reflects your values and goals. Schedule regular family meetings with your trusted advisor, have open estate planning conversations with your spouse and/or children, and ask questions until you’re confident in the plan. Knowledge and active involvement provide the ability to adapt as life changes — keeping your financial future in your control.

Jessica: 1 – Invest with purpose. Money should support the life you want and the values you uphold.  As we go through life stages, our life priorities shift, and it’s important that our investments do to.  Whether it’s financial empowerment, supporting family, starting a business, retirement, or giving back to the local community, the first priority should always be aligning your capital with your purpose.

2 – Invest for longevity. Women statistically live longer than men, so we need our investments to last longer.  We also, on average, earn less than men and are more likely to take career breaks to help with family caretaking, so we have less available to save over time. These two things together mean that we need our investments to work harder and last longer. We cannot afford to have too much cash to sit on the sidelines or to not achieve enough growth.

Nicole W.: A common concern we hear from women is that they will outlive their money. This is valid given that the number of Americans aged 100 and older is projected to more than quadruple in the next three decades, with women making up 68% of that group. With skyrocketing healthcare costs, women may worry about becoming a financial burden on their family, and this can sometimes manifest in strong risk aversion and suboptimal portfolio allocation. A trusted advisor can help construct a portfolio to safeguard the necessary funds to meet their lifetime goals.  

Donna: Women are building their own financial legacies and gaining more control of wealth than ever before. Yet achieving financial success is a complex process compounded with the unique considerations women face throughout their journeys. For example, women must account for a longer time horizon, heightened pay parity, and more time out of the workforce than their male peers. Creating a long-term investment strategy that accounts for these realities, including auto increases as earnings rise, spousal IRAs, catch-up contributions, and diversified portfolios, can help bridge the gap. Saving and investing early allows the power of compounding to work in your favor — and remember, it’s not about timing the market, but the time spent in the market that matters most. 

Q2: Are there some particular vehicles for life cycle investing that you recommend and why?

Jessica: Early adulthood is a great time for women to start building healthy financial habits and take advantage of compounding. I would start by utilizing your company’s 401(k) plan and any match provided (free money!). You are likely in a lower tax bracket, so you may also want to consider a Roth IRA for tax-free growth. By our 30’s and 40’s, women are often thinking about kids and family obligations. We should make sure loved ones are protected with both a solid estate plan and appropriate levels of life insurance. I prefer term life insurance for the cheapest coverage. For college savings, a 529 is a great tax advantaged way to save for education. Early retirement years are all about preserving wealth and creating a consistent income stream. I recommend working with a CPA or Financial Planner to help navigate when and how to distribute income. Proper planning in this stage can save thousands in taxes. Focus in the later years shifts to legacy and impact.  Many consider family gifting strategies for estate tax reduction. Others focus more on philanthropic goals and utilize vehicles such as Donor Advised Funds, Charitable Trusts or Family Foundations.

Donna: Building a well-balanced, diversified portfolio that evolves alongside your goals and life stage is key to successful life cycle investing. Early in your career, you have a longer time horizon and higher risk tolerance with a focus on growth and wealth accumulation.  As you approach retirement or other significant milestones, the emphasis typically shifts towards downside protection and income generation. Understanding your risk tolerance, time horizon, and overall financial picture allows you to make more informed investment decisions. Do not neglect to revisit your financial plan regularly to ensure your portfolio is in alignment with any life changes, such as career shifts, family responsibilities, or health considerations. Regardless of gender, the most successful investors stay consistent, adaptable, and focused on the long term, rather than reacting to short-term noise.  Work with a trusted financial advisor to formulate a plan that supports your personal goals & priorities on your terms. 

Eva: I don’t believe in a one-size-fits-all portfolio. The right mix depends on your overall wealth profile, long-term objectives, and how you want your wealth to work for you. Generally, earlier in life, I might recommend more equities to capture long-term growth potential. As clients approach retirement, we often add more fixed income, such as municipal bonds, private credit, or infrastructure, to provide stability and income. I also see real value in blending public and private investments. Public securities offer liquidity, while private investments can add diversification and different sources of return. My goal is always to align a client’s portfolio with their personal objectives. A well-crafted strategy should grow and evolve alongside you, supporting what matters most at every stage.

Daniele: Two vehicles I often recommend are target date retirement funds and low-cost, broad market ETFs. Both offer clarity, momentum, and confidence — three essentials for women investing with intention. Target date funds evolve with you. With one decision, you can create lifetime momentum. These funds shift from growth-oriented equities to income-focused bonds as you age. That built-in shift makes them a great hands-off option for women who want to invest with confidence while staying aligned with changing needs. Just make sure the target year aligns with when you’ll begin withdrawals — no earlier than age 59½. Since women often live longer, I suggest choosing a fund dated closer to age 70. Broad market ETFs offer another powerful path. They let you own the entire economy without betting on a single company or sector. You can pair equity ETFs for growth with bond ETFs for stability—then fine-tune over time as your financial life changes. Together, these vehicles create a thoughtful, modern framework—giving women more control, more momentum, and more freedom to design the future they want.

Nicole A.: Every woman’s situation is unique — goals, timelines, risk tolerance, tax brackets, and family dynamics all influence the right investment mix. There’s no one-size-fits-all solution, but certain vehicles often work well at different stages:

• Early Career: Roth IRA or Roth 401(k) for decades of tax-free growth, and employer retirement plans with a match to accelerate savings.
• Mid-Career: Traditional 401(k) or IRA to reduce taxable income during high-earning years; taxable brokerage accounts for flexibility; and Health Savings Accounts (HSAs) for tax-advantaged healthcare savings that can double as supplemental retirement resources.
• Pre-Retirement & Retirement: Income-generating investments like municipal bonds, dividend-paying stocks, or bond ladders for steady cash flow; annuities (when appropriate) for predictable lifetime income; and Donor-Advised Funds (DAFs) for strategic charitable giving.

The right strategy blends these tools with your personal circumstances, ensuring your investments align with your life stage, long-term goals, and comfort level.

Hannah: The right investment vehicle depends on your goals, resources, and stage of life. When starting out, simple, diversified options — such as broad-based index funds or professionally managed models—can help you establish a strong foundation without requiring daily oversight. During the wealth-building years, priorities may shift toward more tailored strategies, where working with a team allows you to access opportunities like private equity, thematic investments, or strategies that align with your values. We also consider real estate—whether direct ownership or through investment structures—as part of a comprehensive plan. In the wealth-keeping stage, the focus often turns to generating sustainable income, preserving capital, and integrating investments with broader planning—such as using tax-efficient investing or structuring portfolios to support philanthropy. Our team uses The Family Index to guide these decisions, collaborating with tax and estate professionals to ensure each investment choice supports your evolving plan. The result is a portfolio that adapts as your life and priorities change.

Nicole W.: We believe assets serve a purpose, and that purpose is to fund goals. Through a deep discovery process, we seek to understand the unique vision you have for your wealth and construct a portfolio that gives you the confidence you need to both meet your long-term goals and short-term liquidity needs.  

email: [email protected]

Editor’s note: We are including a disclaimer from Northern Trust — The information contained herein, including any information regarding specific investment products or strategies, is provided for informational and/or illustrative purposes only, and is not intended to be and should not be construed as an offer, solicitation or recommendation with respect to any investment transaction, product or strategy. Past performance is no guarantee of future results. All material has been obtained from sources believed to be reliable, but its accuracy, completeness and interpretation cannot be guaranteed.