Women tend to focus more on adviser engagement, clarity and long-term goals
Women are twice as likely as men to feel dissatisfied with their adviser’s expertise, according to new research from Scottish Widows and Boring Money.
Among clients who were unhappy with the advice they received, 30% of women said “my adviser was not as knowledgeable as expected”, compared with 15% of men.
The study suggests that, for many women, disappointment is linked less to technical competence and more to whether advisers engage with broader life goals and individual circumstances.
For women who were unhappy with their adviser, a key concern was that advice did not fully reflect their wider objectives or personal situation. This was particularly true for working professionals who wanted more tailored guidance rather than a generic approach.
The report also found that 15% of women using digital planning tools wanted options designed specifically around women’s financial needs. This underlines demand for services that recognise differing career patterns, caring responsibilities and longevity.
Women in the survey were also more likely than men to highlight issues of communication, trust and the overall adviser–client relationship. Common criticisms included a lack of proactive contact and a failure to explain financial matters in a clear, accessible way.
Respondents who were more satisfied tended to value advisers who asked searching questions and raised considerations the client had not previously identified.
By contrast, men who were dissatisfied with advice were more inclined to focus on investment outcomes and price. Around one in three men cited high charges as a reason for dissatisfaction, compared with 16% of women, indicating a stronger emphasis on performance and value for money among male clients.
“Advisers often focus on their clients’ investments and growing their wealth, but it’s important to remember that regular, clear communication is just as important, particularly for female clients,” said Jenny Davidson (pictured right), intermediary wealth director at Scottish Widows.
“Our survey data showed some women felt disappointed with their advisers’ knowledge, but a deeper dive found this stems from women feeling their adviser is not thinking outside the box and offering suggestions they haven’t already thought of.
“Some clients don’t know the questions they need to be asking, so it’s important for advisers to be suggesting areas to consider even without being prompted. This can increase trust and make less confident clients feel that all bases have been covered.”
For intermediaries, the findings point to the importance of clear, ongoing communication, especially with female clients, and of exploring wider financial and personal priorities alongside the core mortgage or protection recommendation. Ensuring that clients feel heard, informed and guided through options they may not have considered could be as important as product selection or pricing.
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