Gender plays a major factor in how opinions over financial advisors are formed, a new study by Brinker Capital claims.

In the report Does Gender Really Matter? females appear to have a stronger propensity to work with advisors of their own gender, with 25 per cent of women and only 10 per cent of men using female advisors.

It was also found that 34 per cent of single female clients would prefer a female advisor against 22 per cent of married female clients. Females seem to feel more understood by their advisor, with 84 per cent of female clients saying their advisors listen and understand their needs, compared to only 74 per cent of male clients.

In terms of tolerance, 40 per cent of female clients working with female advisors said they are more tolerant over investment decisions made that did not meet their expectations. This is against about 22 per cent of male clients working with female advisors.

"The study gives us great insight into the relationship between gender and personal finance and shows that a one-size-fits-all approach does not work for financial advisors," said John Coyne, the president of Brinker Capital.

Brinker Capital’s research was based on a national survey of 323 male and female participants working with financial advisors from 78 different financial institutions.