Women may trust their advisors, but many still want better conversations

Women investors largely trust their financial advisors – they just wish some of them would stop explaining things like they’re in Finance 101.

A recent survey from Nationwide found that while 95% of women investors believe their advisors treat them with the same level of respect as male clients, many still report communication issues that cause a strain in those relationships.

Nearly one-third of women surveyed said their advisor has “mansplained” financial concepts to them. The term, commonly defined as explaining a topic in a patronizing manner while assuming the listener knows less, emerged as one of several concerns raised by respondents.

“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 research reflects this frustration, finding that that 34% of women investors believe advisors can be condescending when explaining recommendations, while 32% said advisors sometimes assume they know less about finances than they actually do.

There is also a disconnect between how advisors view their ability to serve women clients and how some women experience those interactions.

According to Nationwide’s research, 91% of advisors believe they are skilled at meeting the needs of women investors. However, only 38% said they understand the unique financial challenges women face, and just 25% reported receiving formal training on those issues.

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“Women are controlling more wealth, yet many still feel underserved by the industry – exposing a critical opportunity for advisors,” Ricklin said. “By creating a more inclusive, collaborative experience that prioritizes listening, education and partnership, advisors can build trust with their women clients.”

For advisors, that presents an opportunity to strengthen relationships through communication rather than simply investment performance. The survey found that women place a premium on transparency, education and partnership when making financial decisions, suggesting that listening and engagement may just be as important as technical expertise.

Those findings come as women continue to play an increasingly influential role in household financial decision making. According to Nationwide, many advisors recognize the importance of servicing women investors, but fewer have taken concrete steps to better understand the unique circumstances that can shape their financial lives such as divorce and caregiving responsibilities.

Beyond advisor relationships, the survey found that many women remain concerned about their broader financial outlook. Seventy-seven percent expressed concern about the possibility of a recession, highlighting the uncertainty many investors continue to face.

Retirement readiness also remains a challenge. Among non-retired women, only 39% said they expect to retire when originally planned, while 14% said they are unsure whether retirement will be a possibility at all.   

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The challenge for advisors is not necessarily earning women’s trust, but deepening it. While most women investors believe they are treated with respect, they still want advisors who listen more carefully and recognize the knowledge and experience they already bring to the table.