Sole traders can play vital role in diversity and inclusion

"However, rather than assuming the financial planning methodology will always capture sufficient information to inform a recommendation, it is worth consciously considering some of the more unique differences that women may face, such as the impact on their pension following periods of child care, or impact of divorce."

To help advisers, the PFS has created a guide, highlighting the various financial perils and pitfalls that female clients face to help advisers consider these on an individual needs basis.

"These are detailed in the Insuring Women’s Futures report, which I would urge financial advisers to read", he said. 

Moreover, having more female advisers and paraplanners will go a long way to helping advisers capture a slice of this potentially lucrative market. 

Both bosses said they are seeing change. "Many of the medium and larger advice firms have been consciously working towards a more diverse workforce", Mr Richards said.

Both agreed gender should not be a barrier to success in the financial advice profession, and even though recent FCA data showed fewer than one in five financial advisers was a woman, Mr Richards added: "The PFS is starting to see a more positive picture emerge.

"The make-up of the profession is changing. We have noted a marked and steady improvement in the gender diversity of the profession. More than 30 per cent of 10 graduates at our most recent ceremony were women under the age of 37."

He also said it was important to promote female role models within the profession, such as its Chartered Financial Planner of the Year Gemma Siddle and past president Sharon Sutton as well as many other female leading lights in the sector.