Executives speaking at Fortune's 26th annual Most Powerful Women conference in Santa Barbara said the financial landscape is being remade by three converging forces: the Great Wealth Transfer, a rising generation of women entrepreneurs, and the growing momentum of women veterans.

Beth Meagher, Deloitte's U.S. federal health sector leader, said women are poised to play a decisive role in shaping how wealth is invested and deployed in the decades ahead. An estimated $124 trillion in wealth will be passed down by 2048, according to Cerulli Associates, with $54 trillion going to women, $52 trillion to children, and $18 trillion to charity. By those figures, women are set to receive more than any other single group, and the 2048 horizon means the reallocation will play out over more than two decades — a window the panelists said gives financial services time to adjust who manages and advises the money.

Meagher added that women entrepreneurs are among the fastest-growing sources of wealth concentration, having expanded by more than 125% over the past decade. Women who have served in the military are also building momentum, reaching roughly 300% growth over the past couple of years, she noted.

“These trends are changing everything,” Meagher told Fortune executive editorial director Diane Brady onstage. “I think we spend a lot of time on frontier models, and we probably spend a lot of time on geopolitical [issues]. And this shift is something that I think we have a tremendous opportunity to lead from the front of.”

Seema Horani, managing director and senior client advisor at Morgan Stanley, said she spotted the trend more than a decade ago. While working at the New York City Pension Fund in the early 2010s, she noticed something troubling: every asset manager coming to meet with her had few to no women on their investment teams. The firms wrote it off as a “pipeline issue,” but Hingorani did not buy it.

So she founded Girls Who Invest, a nonprofit dedicated to bringing more women into the asset management industry. Since 2011, 5,000 college women have gone through the program. The organization receives around 4,000 applications every year and supports 700 women annually, meaning demand for the program's seats runs well ahead of its capacity.

Hingorani also pointed out that Morgan Stanley has run an incubator for the past seven years designed to invest in more women starting technology businesses. As those founders scale billion-dollar companies and take their successes to the bank, she said, they will be looking for women to help guide their financial decisions.

“[Women are] going to have all the wealth,” Hingorani said. “[For] those women—you guys—do you want to have a male financial advisor? If you had a choice, would you want to have a woman financial advisor? A lot of firms out there are hiring all my women, because they get it.”

Beyond how they manage their wealth, women are also setting new expectations about spending it. Carmen James Randolph, founding president and CEO of the Women's Foundation of the South, is seeing a major shift in her own backyard. Randolph said the South is one of the fastest-growing regions in the country, and with 41.5% of America's women of color among the area's constituents, it represents a new frontier for wealth creation and investment. In her view, the old-school models of philanthropy are being rewritten to prioritize tangible impact.

“I've worked in philanthropy now for about 28 years, and I understand that at its best, philanthropy can be a catalyst for what's possible. Old models see philanthropy as charity, and new wealth recipients do not see philanthropy as charity,” Randolph explained onstage. “They want to understand and see firsthand the impact that their dollars can have.”

The Deloitte and Morgan Stanley executives agreed that the way women want to invest differs from previous generations, with social impact prioritized in tandem with financial returns. Meagher said women poised to inherit substantial wealth are focused on three key areas of investment: health, education, and justice. She has picked up on a trend of wealth advisors specifically offering health services, while Randolph said her foundation is making a big bet on improving maternal healthcare in southern states with difficult access to emergency and routine medical care. Hingorani also noted that every trustee has an interest in affordable housing, even if it means a smaller return than what they could earn at a venture fund. Each of those trends comes with its own trackable indicator: the hiring of women advisors and investment staff, the spread of health-focused wealth services, and the flow of foundation capital toward maternal healthcare in the South.

“Women are looking to pull their investments so that they can have an outsized impact,” Meagher said.

This story was originally featured on Fortune.com.