In this conversation with Dr. Don Barden, he explains how his research in behavioral economics revealed how women in leadership will help advisors thrive.
Dr. Don Barden is a senior level behavioral economist and contributor with focus on organizational leadership and growth. He is well known for his work on Wall Street and his ability to consult businesses and governments around the world as they prepare for the times ahead. His recent publication, Here Come the Girls, forecasts women taking over global leadership in the year 2028. This interview with Barden precedes a five-part series he penned to unpack his research and what it means for women in the wealth management industry.
The interview is edited for clarity and brevity.
InvestmentNews: Don, let’s start with the basics. Who are you, and why do you do what you do?
DON BARDEN: I’m a behavioral economist, which means I focus mostly on the future. Most economists are historical — they look backwards to explain why something happened. Behavioral economists look forward and try to connect cause and effect between the economy and behavior. The economy is a reflection of human behavior, and human behavior is a reflection of the economy. It’s a beautiful dance.
I spent 25 years on Wall Street as a top performer on the international circuit. Now I consult with organizations on how the behavior of their structures relates to markets, consumers, and operations. We look into the future, make forecasts, and get excited about how to get there.
What’s your take on the wealth management industry?
BARDEN: Forty years ago, Wall Street was for the wealthy. But with the rise of financial media — thank you, CNN and Ted Turner — ordinary people began to care about wealth. Advisors need to recognize that the future of wealth management will be radically different than the past. They have to prepare now.
You’ve developed a real passion for studying women in leadership. Why?
BARDN: Everything in behavioral economics starts with observation. Over time, I noticed organizations with more women in leadership also had stronger cultures and better views of the future. So we studied it for almost four years at the doctoral level, interviewing more than 2,000 female leaders worldwide.
The data is undeniable. By 2028, women will outnumber men in leadership roles — from small business owners to Wall Street executives and government leaders.
Today women hold 42% of leadership roles; by 2028, it will be around 62–70%.
What did you learn in your research about how women lead differently?
BARDEN: Businesses run by women outperform those run by men in the same region three to one in revenue and profits. Retention is also double — women-led firms keep employees for six years instead of three. And production actually goes up in years four through six.
The difference is leadership style. Most men are fixers — they want to jump in and solve problems. Women leaders take three extra steps:
- Separate the problem from the person and show sympathy to the problem
- Show empathy to the person
- Empower the employee by asking, “What would you do if you were me?”
Since 94% of employees already know the solution, empowering them builds trust and loyalty. Employees feel seen, heard, understood, and valued. That’s why women-led businesses are growing faster and keeping talent longer.
How do women leaders maintain trust without micromanaging?
BARDEN: Trust is everything. Female leaders tend to train constantly — not just on skills, but on culture and mentoring. They want the entire team to get smarter together. That allows them to empower employees without micromanaging.
The difference is that many male leaders want to be the smartest person in the room. Women leaders want to be in a room where everyone is getting smarter together. That’s why their organizations are stronger.
What does all this mean for financial advisors, especially women?
BARDEN: Advisors — male or female — need to understand how women are leading. Female business leaders prefer to collaborate with like-minded partners rather than just buy them out. They want to work with people who show empathy, empower teams, and add value beyond spreadsheets — like connecting them with potential partners or clients.
For women advisors, this is the time to shine. As women take over leadership roles, they will naturally lift up other women. We’re heading into what I call a “3X economy,” where women-led businesses grow three times faster — and wealth multiplies like it did in the industrial, agricultural, and dot-com revolutions.
For advisors, the message is simple: reflect her values. Say, “I see you, I hear you, I understand you, I value you, and I empower you.” Do that, and you’ll thrive in the new era of wealth.
