The female adviser gap in the financial advice sector is starting to narrow but more needs to be done to attract women, according to advice network The Openwork Partnership.

Nearly a third of new recruits to Openwork's training academy are women, the company has revealed.

The number of women candidates is also growing.

The Openwork Partnership has over 4,300 financial advisers across the UK and operates as a directly authorised, multi-panel distribution network.

According to research by Openwork, 69% of financial advice firms expect to expand their businesses over the next 12 months, providing an opportunity to recruit more women, the firm says.

Claire Limon, network director at The Openwork Partnership, told delegates at the network’s Inspiring Women in Financial Services conference that while the female financial advice gap is starting to narrow, there is still more to do.

She said: “Female financial advice is thriving in the UK with real evidence that the female financial advice gap is starting to narrow but, in a male-dominated advice industry we must redouble our efforts to attract more women into the industry.

“The progress made at policy level, such as the Treasury’s Women in Finance Charter, is very welcome but change needs to accelerate.”

Ms Limon added that recruitment and training at The Openwork Partnership is “laser-focused on closing” the gap. The Openwork Academy had 32% female candidates across its last two intakes.

One of the attendees of the conference, Sarah Hogan, Chartered Financial Planner at KBA Financial, said: “The future of a vibrant and gender-balanced financial services industry lies in the hands of the growing ranks of female financial advisers and their ambition to achieve the very best outcomes for their clients.”

The Openwork Partnership surveyed 100 advisers across the UK via Pollright in August and September.