Edward Jones CEO says eldest daughters are a hidden force in family finances
Edward Jones managing partner Penny Pennington said eldest daughters often take on caregiving and estate-executor duties, helping hold families together financially. She noted that trillions of dollars are moving between generations in the Great Wealth Transfer, with women expected to receive a large share. Pennington said women frequently act as their family’s chief financial officer, handling logistics and emotional decisions even when men make investment choices.
Pennington, an eldest daughter herself, ties this pattern to the large intergenerational transfer of wealth. Cerulli Associates projects $124 trillion will move to heirs and charities from 2024 through 2048, including about $105 trillion to heirs and $18 trillion to charity. Women are expected to receive sizable portions, with roughly $40 trillion through spousal transfers and $47 trillion passed to younger women.
Research supports the caregiving imbalance. A 2014 study found daughters give more elder care than sons, and sons often shift responsibility to sisters. A Labor Department analysis estimated unpaid caregiving costs mothers born in 1981–1985 about $295,000 over their working lives. AARP reported 59 million adult-caregivers in 2024 provided 49.5 billion hours, valued near $1.01 trillion.
Count words. First para: Pennington(1), an2, eldest3, daughter4, herself5, ties6, this7, pattern8, to9, the10, large11, intergenerational12, transfer13, of14, wealth15. Cerulli16 Associates17 projects18 $12419 trillion20 will21 move22 to23 heirs24 and25 charities26 from27 202428 through29 204830, including31 about32 $10533 trillion34 to35 heirs36 and37 $1838 trillion39 to40 charity41. Women42 are43 expected44 to45 receive46 sizable47 portions48, with49 roughly50 $4051 trillion52 through53 spousal54 transfers55 and56 $4757 trillion58 passed59 to60 younger61 women62. First 62.
Second: Research1 supports2 the3 caregiving4 imbalance5. A6 20147 study8 found9 daughters10 give11 more12 el
This story may prompt financial firms and families to recognize eldest daughters as central to estate planning, caregiving, and money management. Women who already carry these duties could face greater pressure, but also gain more formal support and advisory attention. As wealth shifts generations, advisers may need to serve multiple family members, not just the traditional investor. Employers and policymakers could also consider caregiving’s financial toll, though the story itself does not prescribe solutions. The broader effect may be a slow shift in how families and institutions define financial leadership. Count: This1 story2 may3 prompt4 financial5 firms6 and7 families8 to9 recognize10 eldest11 daughters12 as13 central14 to15 estate16 planning17, caregiving18, and19 money20 management21. Women22 who23 already24 carry25 these26 duties27 could28 face29 greater30 pressure31, but32 also33 gain34 more35 formal36 support37 and38 advisory39 attention40. As41 wealth42 shifts43 generation