Only 16% of Advisors Are Women: Cerulli

"Variable compensation structures present risks that women who seek security and stability from their careers find prohibitive," the report states.

Broker-dealers and registered investment advisor custodians that address these barriers holding women back will be better positioned to compete in an evolving marketplace.

 "It is imperative for firms to closely evaluate the gender makeup of their advisor community and gauge influences that negatively contribute to an unequal gender breakdown," the report states. "Skirting the issue may prove disadvantageous in an evolving competitive landscape. Advisor diversity presents more than just an opportunity to vary the perspectives and backgrounds of their advisor force for the sake of inclusion."

In fact, the report makes the case that increasing women's representation among advisors brings concrete business advantages. According to Cerulli, increasing the number of women advisors could offer a solution to the industry's impending succession crisis and talent shortage as advisor retirement accelerates.

"Close to 40% of advisors plan to retire within the next 10 years, leaving the industry scrambling to groom replacements," Shtyrkov said in a statement. "Women present an untapped talent pool that offers a solution to the industry's recruiting problems. By expanding their focus and altering their recruiting strategies to appeal directly to female candidates, broker-dealers (BDs) and RIA custodians can help fill the gaps left by retiring advisors."

Another business advantage, Cerulli says, is women's proclivity for goals-based planning, which fits well into a comprehensive advice model.

According to Cerulli, the reasons driving women to become advisors can differ from those that inspire men to enter the industry. Nearly all (94%) female rookie advisors — 10 percentage points more than their male counterparts — consider the desire to help people reach their goals to be a major factor for becoming an advisor.

Cerulli also finds that the technical aspects of investment management are also less likely to draw a woman to the industry when compared with a man; 59% of women versus 81% of men cite their interest in investment topics as a major reason to pursue a financial advising career.

"[Broker-dealers] and custodians will have better success recruiting prospective women advisors and safeguarding against a future headcount shortage if they accentuate the social impact that an advisor has when working with people to achieve their financial goals," Shtyrkov said in a statement.

— Check out Investors Increasingly Willing to Pay for Financial Advice: Cerulli on ThinkAdvisor.