"Leading by example to expand our knowledge, share our stories and engage women of all ages in money matters will lead to teachable moments that empower us — and future generations — to build confidence around all aspects of our wealth."

"Leading by example to expand our knowledge, share our stories and engage women of all ages in money matters will lead to teachable moments that empower us — and future generations — to build confidence around all aspects of our wealth."

Austin, TX

Steph Wagner

National Director of Women & Wealth


Steph Wagner leads the firm’s advisory practice for women and oversees its Elevating Women platform. Her personal story is one of reinvention: from private equity vice president to stay-at-home-mom, to single mother fearful about her financial security to successful business woman. This journey inspired Steph to devote her life to educating and empowering women to take charge of their financial lives.

Wealth Management Executive Q&A

Are there particular life experiences that shaped your career? What drove you to become a wealth management professional?

Over 20 years ago, I had a thriving career in private equity. One day, when I was six months pregnant with a two-year-old at home, I was asked to board a four-seater Cessna to go look at a deal in rural Alabama. Juggling this, combined with the fact that my husband traveled over 150 nights a year, I knew something had to give. So, without hesitation (like, the very next day), I quit. I gave up my six-figure salary, millions of dollars in future earnings and everything that I had worked toward for the past decade. I put my career on hold and, despite my financial aptitude, eventually left all money matters to my husband. What I did not realize then, as a young mom and wife, was that these choices also caused me to relinquish my independence and become a passive observer in my own financial life.

Thirteen years later I found myself divorced, jobless, and a single mother of three. Like many divorces, mine was not a pleasant one. It was difficult enough to get past the stage of staring at the floor trying to figure out how I was going to put one foot in front of the other. Compounded with my remorse was my loss of purpose and an urgent need to reinvent my career, as well as an acute awareness of the profound risk I put myself in all those years ago. Regaining my financial independence was one of the hardest things I’ve ever done. I took what I learned during that challenging time and combined my financial background with a newfound and unwavering passion for educating and empowering women to take charge of their financial life. This led me to build a national consulting practice as a divorce financial strategist, and consequently create an educational platform for women about money.

Nearly a decade later, I joined Northern Trust to lead the firm’s advisory practice focused on women and to oversee our Elevating Women platform. My personal story is one of reinvention: from private equity principal to stay-at-home mom, to single mother fearful about my financial security, to successful businesswoman.

"Regaining my financial independence was one of the hardest things I’ve ever done. I took what I learned during that challenging time and combined my financial background with a newfound and unwavering passion for educating and empowering women to take charge of their financial life."

How have the ways women approach financial decisions changed over recent years?

Women’s growing economic influence across all generations has been one of the most significant shifts within our economy across recent decades. Through both wealth creation and inheritance, women are set to control more than two-thirds of private capital in the U.S. by 2030. While this new dynamic represents great progress toward our financial equality, the reality is that over half of us still defer long-term financial decisions to our male spouses. And surprisingly, recent studies show Millennial women are doing more than any other generation. A primary reason is a lack of confidence — a belief that men know more about investing. To change this mindset, we have to take action. Leading by example to expand our knowledge, share our stories and engage women of all ages will lead to teachable moments that empower us — and future generations — to build confidence around all aspects of our wealth.

Steph Wagner

Favorite Quote

“A vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world.” – Joel Barker

How is the wealth management industry falling short addressing women’s unique needs? And what is Northern Trust doing to help solve for this.

Women are one of the fastest growing wealth segments for wealth management firms. Traditionally, the financial services industry has had trouble connecting with women because of a flawed approach. So rather than pink-wash marketing materials and pander to stereotypes, Northern Trust is taking a different approach. Elevating Women is mission-driven and centered around the economic empowerment of women. Rooted in three pillars — community, inspiration, and education — Elevating Women is building communities across the country where women of all ages and backgrounds can come together, share both their successes and challenges, and learn from each other and experts about the topics that are key to their overall financial success — like the sale of a business, raising fiscally responsible children, navigating the loss of a spouse, retirement, philanthropy, and building a legacy. We are engaging with these communities in a variety of ways, including intimate roundtable discussions, signature retreats and curated insights delivered through our Elevating Women Magazine. We’re providing education and tools to help women assess their own situation, advocate for what they need and make informed financial decisions both now and in the future.

"Rooted in three pillars — community, inspiration, and education — Elevating Women is building communities across the country where women of all ages and backgrounds can come together, share both their successes and challenges, and learn from each other and experts about the topics that are key to their overall financial success."

As a female leader in your industry, what opportunities do you see for the wealth management industry to better meet the needs of female clients?

Regardless of marital status, age or career path, each one of us will face life transitions — unexpected or expected — ranging from divorce or widowhood, to the sale of a business, career change or retirement. Advisors need to deeply understand the unique needs, behaviors and preferences of women across all personas (i.e., executives, business owners, retirees) when it comes to managing their wealth. Our goal is to continue to develop a broad array of resources and tools to help Northern Trust lead the country in delivering tailored advice that helps women successfully meet their goals and empowers them to build confidence in their own financial literacy.

Philanthropic Pursuits

Steph is currently a Governor-appointed trustee of the Texas Emergency Services Retirement System and former board president and member of Center for Community Solutions, which serves survivors of domestic violence and sexual assault.