Estimates also indicate that only 12 per cent of financial advisors are female, the study said.

These findings are significant because in previous research, found that advisors with a higher percentage of large households in their books do better over the long run than advisors with a lower percentage. The study finds the typical female advisor has 56 high-value households, which are defined as having $250,000 or more in assets, and 72 small households. The median male advisor, on the other hand, has 51 large households and 78 smaller ones. Consequently, the average household asset is higher for women ($178,000) versus men ($152,000).

PriceMetrix also notes similarities between male and female advisors, as well as some advantages for men. Male and female advisors have almost the same percentage of managed and fee based business, with 22 per cent for men and 21 per cent for women.

In terms of pricing, the study finds men charge slightly more than women. Looking at overall revenue on assets, the firm finds men charge 0.77 per cent RoA compared to 0.73 per cent for the typical female advisor. This is largely due to differences in pricing transactional business. The typical male charges 0.58 per cent RoA on transactional business versus 0.54 per cent among women.

In terms of pricing, it was found that women price more consistently than men. Among female advisors, the range from discounters to those charging a premium on overall RoA is less than one per cent, 0.34-1.29 per cent. Among male advisors, the range is well over one per cent, 0.33-1.58 per cent.

Finally, the study found that female advisors have an advantage among women. The typical female advisor has slightly more women as clients than men, 51 per cent versus 49 per cent. By contrast, the typical male advisor has more men than women, 56 per cent compared to 44 per cent.