Women are also more apt to be the family's primary financial decision maker and are controlling more and more wealth from spousal and intergenerational transfers, said Hemington Wealth Management co-founder Eileen O'Connor, who moderated the panel. "This is a complete seismic shift," she said.
Yet breadwinner women juggling work, family and household duties often fail to consider a long-term financial plan, O'Connor told CNBC after the panel. "The biggest complaint I hear is, 'I don't have time, I don't have time, I don't have time,'" she said. But considering that women typically earn less and live longer than men, procrastinating can be an expensive mistake in lost investment growth.
"Don't assume you're going to earn your way out of it," said panelist Elisabeth Cullington, managing director of HoyleCohen and co-founder of the firm's Women's Practice.