Financial advice for women: it’s all about relationships

Whether you’re trying to grow wealth or preserve what you already have, the quality of your financial adviser relationship is one of the most consequential decisions you’ll make. Not just for your portfolio, but for your financial confidence, long-term security, and how in control you actually feel.

That might seem obvious, but the data tells a different story. Despite high-net-worth (HNW) women controlling growing levels of wealth, many are still not getting the advisor relationship that best serves them.

McKinsey research found that affluent women remain less likely than men to work with financial advisers. In fact, 53% of assets controlled by women are currently unmanaged, compared with 45% of assets controlled by men.¹

This is a reflection of a financial services industry that has historically been built around a different client and hasn’t yet caught up with changing demographics and societal expectations.

While obviously not all women are the same, we’ve found through many years of experience that there are some typical differences in the way they approach financial advice, and that women often approach financial decisions differently.

This experience is backed by data, with research from Boston Consulting Group (BCG) finding that affluent and high-net-worth women often see wealth as a means to several ends, not an end in itself.²

Their goals are more likely to be framed around life stages and long-term priorities, from leaving a legacy for the next generation to supporting a post-retirement lifestyle, endowing a family business or making a positive social impact.

That makes the adviser relationship especially important. BCG found that women want enough information to make confident decisions, including clear data, trade-offs and an explanation of how an opportunity relates to their own goals, not just to the market.

The relationship, then, is not transactional. It is where confidence, context and trust are built.

If you’re evaluating your current adviser (or looking for a new one) here are the markers of a relationship that’s genuinely working for you:

• They initiate the important conversations. A good adviser doesn’t wait for you to raise estate planning, tax efficiency, or what happens to your wealth if your circumstances change. They bring it up.

• They listen before they advise. Your goals, your values and your family situation should shape your financial plan, not be retrofitted to a standard model portfolio.

• They treat you as the decision-maker. If you’re in a partnership, a good adviser engages both of you equally, not just the person who has historically managed the money.

• They think holistically. Investments are one piece. Tax planning, estate planning, philanthropic goals, business interests are all examples of other areas your adviser should be across, or connecting you with specialists who are.

• They show up consistently. Not just when markets move. Regular, structured check-ins with a clear agenda signal that the relationship is being actively managed, not just maintained.

It can be easy to stay in an adviser relationship out of inertia, particularly if you inherited it or set it up at a different stage of life. Some signals that it might be time to reassess:

• You leave meetings feeling unclear rather than informed.

• You’ve had a major life change, such as a sale, an inheritance or a divorce, and your financial plan hasn’t been properly revisited.

• Important topics (IHT, succession, estate planning) have never come up.

• You feel more like a portfolio than a person.

• You’re not sure what your adviser actually does for you day-to-day.

The adviser relationship, when it’s right, is more than just managing money. The right advice creates the confidence to make decisions, the clarity to plan ahead, and the reassurance that someone who understands your full picture is in your corner.

For women who may have been overlooked, under-involved or spoken around in the past, that matters. Getting it right means building a relationship where they feel heard, informed and genuinely part of the conversation.

That’s worth an investment of your time. If you’d like to discuss your own long-term goals and objectives, please speak to your usual Evelyn Partners contact or book an appointment.

¹ McKinsey, Engaging effectively with female investors, 08 May 2025

² Boston Consulting Group, Managing the Next Decade of Women’s Wealth, 09 April 2020