A recent survey from Nationwide has uncovered a persistent disconnect between how financial advisors perceive their service to women investors and how those clients actually experience the relationship. While 95% of women surveyed said their advisors treat them with the same level of respect as male clients, a significant minority reported communication breakdowns that could erode trust over time.
According to the research, 34% of women investors believe their advisors can be condescending when explaining recommendations, and 32% said advisors sometimes assume they know less about finances than they actually do. Nearly one-third of respondents reported that their advisor has engaged in what is commonly called “mansplaining”—explaining financial concepts in a patronizing manner that implies the listener is less knowledgeable.
“I believe advisors have the best intentions when they are trying to break down financial topics with their women clients,” said Suzanne Ricklin, senior vice president of Nationwide Retirement Solutions Distribution. “However, it’s important to recognize that what may be intended as a helpful explanation can land as dismissive or condescending.”
The survey also highlights a gap between advisor confidence and actual preparation. While 91% of advisors said they are skilled at meeting the needs of women investors, only 38% said they understand the unique financial challenges women face, and just 25% reported receiving formal training on those issues. This suggests that many advisors may be overestimating their ability to serve a growing demographic that controls an increasing share of wealth.
Women are playing a larger role in household financial decision-making, yet many feel underserved by the industry. The survey found that women place a premium on transparency, education, and partnership—factors that may be as important as investment performance in building lasting client relationships. Advisors who prioritize listening and engagement could strengthen trust and differentiate themselves in a competitive market.
Beyond advisor interactions, the survey revealed broader financial anxieties. Seventy-seven percent of women expressed concern about the possibility of a recession, reflecting ongoing economic uncertainty. Retirement readiness also remains a challenge: only 39% of non-retired women expect to retire when originally planned, and 14% said they are unsure whether retirement will be possible at all.
These findings come as the wealth management industry faces increasing pressure to adapt to diverse client needs. For advisors, the opportunity lies in moving beyond generic service models to create more inclusive, collaborative experiences. As Ricklin noted, “By creating a more inclusive, collaborative experience that prioritizes listening, education and partnership, advisors can build trust with their women clients.”
For firms looking to improve client relationships, the data underscores the importance of specialized training and communication strategies. Advisors who invest in understanding the unique financial circumstances of women—such as career breaks, caregiving responsibilities, and longer life expectancies—may be better positioned to retain and grow their client base. As the industry evolves, those who fail to address these gaps risk losing a valuable segment of the market.
