High earning females prefer face-to-face financial advice much more than their male counterparts according to a recent report.

Just under half of female high earners (49%) prefer face-to-face over online advice on their investments compared to just 28% of men. The report by EY surveyed 250 investors with over £100,000.

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Male investors, on the other hand, were more likely to check their investments online, with 68% saying they prefered this method and 45% saying they would do this either daily or weekly. Just 27% of women said they checked their investments as frequently.

The responsibility to close the gender gap lies with the financial services firms says Gill Lofts, head of wealth and asset management at EY: “There is a real opportunity for financial services firms to do more to engage with female investors, and tailor new products and propositions that better suit their needs and ways of investing.”

Some think that financial jargon is to blame for the gender gap. A survey of personal investors by The Share Centre, a UK stockbroker, found that one in three women (31%) believe that a lack of information and too much jargon are core reasons why fewer women invest in the stock market.

A report published by HSBC in February 2018 called Talking Everyone’s Language found the financial advice sector has an over reliance on financial jargon that can deter women from investing. The bank holds colleague coaching sessions to mitigate the use of unnecessary jargon while dealing with clients.

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Other firms are finding that the desire for face-to-face advice alongside online wealth management is growing regardless of gender.

Scalable Capital, a European robo-platform backed by BlackRock, has launched over-the-phone and face-to-face consultations this year off the back of such demand. According to the Financial Times, the UK robo-advisor Nutmeg plans to follow suit.

When it comes to meeting with advisors, women expect them to be knowledgeable and timely. According to the EY: “Not explaining risk levels clearly, slow response times and exerting undue pressure were also found to be big issues with both genders.”