Advised women are twice as likely to be dissatisfied with their adviser’s knowledge than their male counterparts, research from Scottish Widows and Boring Money has shown.

According to the firms’ Women and Wealth report, 30 per cent of dissatisfied female clients said their adviser was ‘not as knowledgeable as expected’ compared to 15 per cent of dissatisfied advised men.

The report found that dissatisfied advised women were 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.

Around one in seven (15 per cent) women who used digital planning tools said they wanted tools specifically designed for women’s financial needs.

Scottish Widows’ and Boring Money’s research also found that women were more likely to cite issues related to communication, trust, and the adviser/client relationship, with common complaints including a lack of proactive updates or unclear explanations.

The firms noted these women tended to value an adviser who had the ability to prompt them with questions or considerations they may not have considered themselves.

On the other hand, men tended to focus more on measurable outcomes, putting more weight on investment performance and value for money.

Men were more likely to express dissatisfaction when returns did not meet their expectations or when fees seemed disproportionate to the services they received.

“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,” Scottish Widows intermediary wealth director, Jenny Davidson, said.

“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.”

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