Our Global Head of Research, Goshka Folda, has spent more than three decades studying how the global wealth and asset management industry grows, competes, and transforms. Her perspective is shaped not only by her career, but also by lessons learned much earlier in her life. Witnessing her mother build a distinguished career in the medical field in Poland taught Goshka from an early age that gender does not determine potential. That foundation set the tone for her own career success.
Early in her career, women were rarely seen in senior roles, and she believes that absence shaped expectations across the industry, especially for young women who did not see themselves reflected in leadership. As Goshka has watched teams evolve across markets and business lines, she has seen real progress, but she also believes the industry must do more to encourage the next generation of women not to shy away from careers in wealth and asset management.
ISS Market Intelligence provides connected intelligence across the global investment ecosystem, helping asset managers, wealth managers, insurers, fintechs, and distributors understand where growth is happening and how markets are shifting. With one of the longest historical views in the industry, ISS MI offers a uniquely comprehensive view of the market and potential paths to growth.
That perspective allows us to see where female representation is strengthening, where momentum is emerging, and where the industry has meaningful opportunities to accelerate change. Women today are present in influential roles across the global investing ecosystem, yet the pathways to the most senior positions remain narrow. Women do not hold the CEO role at any of the ten largest asset managers in Canada or the U.K., and in the U.S. only two of the top ten firms have women in the CEO seat.
The Pipeline: A Stable Foundation Ready for Its Next Inflection Point
One of the most striking long‑term trends in the United States is the consistency of female representation among registered reps. According to MarketPro Discovery data, women today account for about 28 percent of all registered broker‑dealer reps, and that proportion has stayed close to 26 percent on an annual basis every year since 2007.
As roles become more specialized, proportions shift. Women represent 21.3 percent of BD advisors, 22.7 percent of wirehouse advisors, and 19.4 percent of RIA‑only reps. The funnel narrows as responsibilities become more client‑facing or tied to production.
In Canada, ISS MI research paints a similar pattern, but with a notable difference. In the full‑service brokerage channel, women represent 18 percent of advisors, up from 15 percent in 2015. It is gradual progress, but it is progress.
According to Goshka, people naturally gravitate toward roles where they can see themselves. The data supports that idea: women enter and thrive in advice‑driven careers when the environment feels accessible and supportive. For brokerage and wealth management, the challenge isn’t talent (there’s no shortage of that) but shifting perceptions so more women see these careers as a place where they belong.
The Women Breaking Through the Billion‑Dollar+ Glass Ceiling
At today’s leading asset management firms across the U.K., Canada, and the United States, women hold influential roles in investment leadership, distribution, strategy, operations, product, and research. These are meaningful positions that shape portfolios, client experiences, and long‑term business direction. Yet for women across the globe, the CEO seat remains elusive.
In the U.K., women are well represented across senior roles, including sales leadership, at all the top industry firms, yet none of the ten largest asset managers based in the U.K. are led by a woman. Canada shows the same pattern: while there is strong female leadership across investment, distribution, and strategy, with women like Kathleen Bock serving as managing director of the Vanguard Investments Canada, no women serve as CEOs among the ten largest firms.
The United States stands out. Women hold senior roles across Vanguard, BlackRock, Capital Group, Invesco, JPMorgan, T. Rowe Price, Schwab, and Dimensional. And two of the ten largest U.S. firms are led by women: Abigail Johnson at Fidelity and Yie Hsin Hung at State Street Investment Management.
Globally, notable examples are still rare, but Valérie Baudson’s leadership of Amundi, Europe’s largest asset manager, demonstrates that while female CEOs remain the exception, their presence carries significant weight.
Women and Shifting Assets Within the Family Office Ecosystem
Danielle Patterson, founder of Family Office Access and now Executive Director of Family Office at ISS MI, has spent her career working with leaders across the Family Office ecosystem. According to her, this space revolves around collaboration, long‑term alignment, and trust.
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She notes that many of the most effective Family Office professionals share a common trait: a collaborative approach that strengthens relationships and elevates the people around them. It is a style she often sees embodied naturally in women across the sector. Danielle also points to a macro shift that is reshaping the Family Office and wealth landscape. As the great wealth transfer accelerates over the next two decades, a substantial share of assets is expected to pass first to surviving spouses, the vast majority of whom will be women.
And according to research from McKinsey & Co., in the United States alone, women already control roughly US$18 trillion in assets, which Danielle points out is a figure projected to reach US$30 to US$34 trillion by 2030. This transition is already influencing how families structure governance, make investment decisions, and plan for the future.
“From my perspective, the opportunity for women entering the Family Office and wealth space today is to lean into that relational strength. This industry ultimately runs on trust, long-term thinking, and alignment across generations, areas where thoughtful communication and collaborative leadership make an enormous difference,” Danielle said.
The Path Forward: Data, Insight, and Momentum
The data coupled with analysis from our industry experts tell a clear story on the current state of women in wealth and asset management across the globe. The pipeline is stable with plenty of room for growth. Women are present in senior roles across every major market. Leadership representation is improving, but uneven. The CEO gap remains the final frontier.
Women have indeed come a very long way across the now global industry, and this March, following International Women’s Day and in recognition of both Women’s History Month and International Women’s Month, we celebrate the women shaping the future of wealth and asset management and the firms investing in visibility, opportunity, and leadership. The foundation is strong. The momentum is real. And the next chapter is already being written.
ISS Market Intelligence’s connected intelligence platform provides a comprehensive view of how the investment ecosystem is evolving. Contact us today to discuss how our insights can support your strategic goals.
