Three in four women say the gender of their financial adviser is not important and they are willing to work with either male or female advisers, according to a new study.

The study contradicts recent industry views that many women prefer working with female advisers.

Some 76% of women said they were not concerned about the gender of their adviser when considering their finances, according to research by investment firm Schroders.

The detailed survey of 200 women's attitudes to their finances looked at the role of women in the ‘the great wealth transfer,’ Schroders says is currently underway from the baby boomer generation.

Schroders says the role of women in this transfer “cannot be overlooked” as they are typically the first recipients of family wealth before passing this down through the generations.

The research revealed that only 12% of women indicated a preference for a female adviser.

Schroders points out that given only 16% of financial advisers are female, a substantial increase in gender diversity would currently be “difficult to achieve. “

Only 34% of the women interviewed said they would continue to use the same adviser after their partner passed away or post-divorce with many implying they would move elsewhere.

The research indicated that the key areas advisers should focus on to retain women were understanding them better, adopting more proactive communication and listening more. Only 35% of females said that their adviser completely recognised and appreciated their differing financial needs.

When selecting an adviser, trust (74%), experience (68%) and value for money (48%) were identified as the primary priorities in the research.

Some 74% of the women surveyed felt on track to achieve their long-term goals but only 27% reported complete alignment of their aspirations with their partner. Some 40% had not discussed their goals with their current adviser.

Gillian Hepburn, commercial director of Schroders’ Benchmark wealth management arm, 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% of advisers have a proposition to retain and attract female clients, particularly those widowed or divorced. Whilst there are specific advice requirements for women, the key to a successful proposition starts with engagement.”

Phillip Wickenden, CEO of research company Ad Lucem, said: “With predictions that 60% 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.”