Women twice as likely to be dissatisfied with their adviser's knowledge 

A new survey of 1,000 advised clients from Scottish Widows and Boring Money finds that women are unhappy with their adviser’s ability to think proactively about the bigger picture, taking into consideration an individual’s needs and helping them achieve their broader goals.

Some women, particularly working professionals who have a strong desire to receive support from a professional financial adviser, find their financial adviser is falling short of their expectations. 

30% of advised women say “my adviser was not as knowledgeable as expected” compared to 15% of dissatisfied male clients.

15% of women who use digital planning tools to plan their finances said they want tools specifically designed for women’s financial needs.

Women are more likely to cite issues related to communication, trust and the adviser-client relationship. Common complaints include a lack of proactive updates or unclear explanations of financial matters. 

These women value an adviser who has the ability to prompt them with questions or considerations they may not have considered themselves.

Men tend to focus on measurable outcomes, such as investment performance and value for money. They are more likely to express dissatisfaction when returns do not meet their expectations or when fees seem disproportionate to the services provided.

Around a third of men cited high fees as a reason they were dissatisfied with their adviser, compared to 16% of women.

Jenny Davidson, intermediary wealth director at Scottish Widows, said: "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.

"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."