Women investors largely feel respected by their financial advisors, but new research from the Nationwide Retirement Institute suggests that respect does not always translate into communication that feels collaborative, with many women saying they still encounter condescending or overly explanatory behaviour in advisor conversations.
According to the findings, 95% of women investors with advisors say they are treated with the same respect as male clients, including 68% who strongly agree. Even so, the survey points to a more nuanced picture beneath that headline result. Nearly three in 10 women investors, or 29%, say their advisor sometimes “mansplains” financial concepts in ways they do not appreciate. Around one-third say they find their advisor condescending when explaining recommendations or responding to questions, and 32% say their advisor assumes they know less about finances than they actually do.
Suzanne Ricklin, senior vice-president of Nationwide Retirement Solutions Distribution, said the issue is less about bad intentions and more about how advice is delivered. “I believe advisors have the best intentions when they are trying to break down financial topics with their women clients, however it’s important to recognize that what may be intended as a helpful explanation can land as dismissive or condescending,” Ricklin said. She added that many women want to engage in a discussion about their needs rather than be talked at, and that advisors can improve relationships by asking better questions, listening more closely and becoming more informed about the specific issues women face.
The research also shows that women investors are approaching the future with a mix of concern and determination. A large majority, 77%, say they are worried about a US economic recession. Among non-retired women investors, only 39% say they are still on track to retire when they had previously expected, while 14% say they do not know whether they will ever be able to retire. These pressures are shaping what women want from advisors: 44% prefer to fully understand their options before making decisions, 34% want to work with a financial professional to guide their planning, and 21% actively seek educational resources on financial strategies.
The survey also found that women advisors are more likely than male advisors to take deliberate steps to better serve women clients. Nearly all women advisors surveyed said they had taken specific actions, including building strategies for women going through major life transitions, focusing more on protection and guaranteed income solutions, studying the retirement challenges women face, and seeking direct feedback from women clients.
At the same time, the research suggests some advisors may be overestimating how well prepared they are. More than nine in 10 advisors said they were skilled at meeting the needs of women clients, but only 37% said they actually understand their women clients’ financial and retirement goals, and just 25% reported having received formal training on the unique financial challenges women face. Nationwide said that gap between confidence and preparation points to a clear opportunity for the industry to improve.
Key findings
