Wealth management firms have an opportunity to attract women advisors whose breadth of perspectives can better serve affluent women and diverse clientele, a recent report said.

As the wealth management industry prepares for the great wealth transfer that will put mass wealth in the hands of women, firms should shore up their hiring of women advisors, according to a McKinsey & Co. report released in May.

“With many independent financial advisors nearing retirement, firms have a chance to attract a new generation of female advisors and corporate leaders whose experiences and perspectives can inform their approach to affluent women,” the report said, calling women clients the “new face of wealth.”

From 2018 to 2023, total assets controlled by women in the U.S. rose to $18 trillion from $10 trillion. That number is projected to surge to $34 trillion by 2030, representing 38% of total U.S. assets, according to McKinsey. Meanwhile, women make up just 23% of the U.S. financial advisor workforce, according to McKinsey statistics, and that number hasn’t budged in recent years.