Are advisers missing out on an important client segment?

When it comes to advice, women aren’t always seen as clients in their own right – and they have very different expectations.

Women now hold around 60%¹ of UK private wealth and are set to receive the majority of the £7trn² intergenerational wealth transfer over the next 30 years.

Despite this, many are underserved by the advice industry, often treated as secondary participants in conversations that should directly involve them. All-too-often, women are seen as the silent partner or spouse in client meetings, their role mostly confined to observing, if they’re there at all.

Yet women’s role in family wealth is crucial because, even if the husband or partner is the main client, they’re likely to inherit that wealth and become the main financial decision maker simply because they tend to outlive men. According to the Office for National Statistics (ONS), a women age 59 right now is likely to live to 87; on average a man will pass away at 84.

Women need to be seen as an important business segment for advisers but research shows it’s not always the case.

We’ve been researching women’s finances for the past two decades and what’s clear is that when it comes to their wealth, there’s no one size fits all.

Although findings from our latest Scottish Widows’ Women and Retirement Report show that fewer than one in four women (24%) are on track for a comfortable retirement, many women – through careers, business ownership or future inheritance – either already hold, or will soon manage, significant wealth. And we know that those who take financial advice have better outcomes.

They often want advice. But they are looking for something different from it.

Our joint survey with Boring Money last year highlighted women’s distinct set of expectations when they have an adviser.

They are twice as likely as men to feel unhappy with an adviser’s knowledge, and want context, and explanations of why decisions matter rather than just performance updates.

Men tend to focus on fees, performance and measurable outcomes, while women often feel advisers are not sufficiently connecting day-to-day financial decisions to larger goals or life events, whether that’s career breaks, children, divorce or bereavement.

There’s a wider issue, too: many women felt their adviser wasn’t thinking proactively enough about the bigger picture – connecting everyday financial choices with long-term aims or raising considerations they hadn’t yet explored.

It’s also about one, really crucial thing above all else: women are more likely to call out the adviser-client relationship as a driver of dissatisfaction, citing lack of trust, clarity and communication.

Where relationships have been built solely with a male partner, many firms face a threat at exactly the wrong moment: when the wealth transfers.

70%³ of women switch to a new adviser within a year of the death of their spouse or partner, preferring to choose their own adviser if the existing one has not taken the time to build a direct relationship with them.

This is a significant retention risk – and a major growth opportunity for firms who get this right.

Engage women early in the advice journey, even when they are not the ‘primary’ client today. Their goals, risk appetite and financial decision-making preferences may differ from their partner’s, and they want to be treated as clients in their own right.

Recognise that ‘value’ looks different with women more likely to judge value through clarity, communication and holistic, proactive planning.

Ultimately, it’s all about a more collaborative relationship that connects advice to the realities of their lives, not simply the performance of their portfolios.

The firms best placed to capture this pool of wealth are those that treat women as a core client segment: involving them in reviews, speaking to their priorities, and building relationships designed to last through life events.

Advisers who consistently meet women’s expectations can earn something far more powerful than assets – they earn loyalty, advocacy and long-lasting client relationships. And that’s good for business too.

To find out more, watch our vodcast ‘Let’s Talk about Her – Advice that Includes, Empowers and Supports’.