The research was produced by the University of Otago and RMIT University in Melbourne.

Helen Roberts, a senior lecturer in the University of Otago's department of accountancy and finance, said competitive sales-based structures, servicing client needs, difficulties networking, a dominant masculine management culture and the gendered nature of flexible work were getting in the way of women's financial advice career.

Katrina Shanks, chief executive of Financial Advice New Zealand, said the number of advisers surveyed in New Zealand made the findings too narrow to be relied upon.

“Five men and 10 women … that’s not enough of a cross section to be representative. It’s not a fair representation of the sector.”

While the report raised concerns about women being put off by boozy networking, Shanks said that was no longer part of the industry dynamic.

“We run 20 events a year and I could count four that have alcohol at them. Our regional events are really good events and alcohol doesn’t dominate them at all.”

She said the Financial Advice New Zealand chair and three of four of its board members were women.

The industry also has women in key roles such as leading major life insurance companies.

“Women have amazing skills for financial services, they are great at building relationships, great at listening and good networkers. They are fantastic skills that make them of exceptional value in the financial services sector.”

She said it was not helpful to have coverage of this sort on the industry.

“It’s important to talk positively about the sector to the sector. We all want to increase women’s participation. It is low compared to men but what we are seeing is an increase in women’s membership.”

She said of the 108 new members in the past year 29% had been women.