Three-quarters (76 per cent) of women are not concerned about the gender of their adviser when considering their finances, according to research by Schroders.
The study which included a sample of 200 women, aims to better understand the role of women amid ‘the great wealth transfer’ – the concept which describes the passing of wealth between the baby boomer generation and their children and grandchildren.
Schroders said the role of women - who tend to live longer than men - should not be overlooked as they are typically the first recipients of family wealth before passing this down through the generations.
When contemplating how to address this challenge, many advisers have considered increasing the gender diversity of their businesses.
But Schroders research shows only 12 per cent of women indicated a preference for a female adviser.
Furthermore, given that only 16 per cent of advisers are female, a substantial increase in gender diversity would currently be difficult to achieve.
The research found only 34 per cent of those interviewed said they would continue to use the same adviser after their partner passed away or after a divorce.
Schroders said financial advisers looking to maximise their business valuation as part of succession planning should explore how to attract and retain female clients.
This retention challenge may also be exacerbated by the fact only 35 per cent of females said their adviser completely recognised and appreciated their different financial needs.
Gillian Hepburn, commercial director at Benchmark, said: “Lateral wealth transfer to widows particularly in the baby boomer generation is often ignored and this new research undertaken with Ad Lucem supports this point.
“The Schroders financial adviser survey indicates that only 5 per cent of advisers have a proposition to retain and attract female clients, particularly those widowed or divorced.
“While there are specific advice requirements for women, the key to a successful proposition starts with engagement.”
When selecting an adviser, trust (74 per cent), experience (68 per cent) and receiving value for money (48 per cent) were the main priorities.
But 74 per cent of the women surveyed felt on track to achieve their long-term goals, but only 27 per cent reported complete alignment of their aspirations with their partner.
Meanwhile, some 40 per cent had not discussed their goals with their current adviser.
Schroders said these findings emphasised the importance of open communication among all parties involved in the financial planning process and creating an approach where all genders feel confident in their adviser and their ability to meet their individual requirements.
Phillip Wickenden, chief executive at Ad Lucem, said: “Ad Lucem were delighted to collaborate with Schroders on this significant research, shedding light on the existing gap in how the financial advice sector currently serves women.
“With predictions that 60 per cent of the UK's assets will be in female hands by 2025, it is crucial to identify the current challenges and take action to create a more positive experience for women, while helping advisers retain their clients.
