WHEN it comes to accumulating wealth women, in general, are at something of a disadvantage.

Not only do they typically earn less over their working lives than men, but because they tend to live longer it follows that their retirements can be harder to fund too.

This was highlighted in a report from law firm Pinsent Masons and gender equality charity the Fawcett Society last year, in which the latter’s chief executive Sam Smethers noted that women face being in a worse financial position than men in later life because “the risks they face are both more numerous and may overlay one upon another”.

Many of these risks are obvious, such as the gender pay gap, which sees women typically earn less than men over the course of their careers.

Then there is the career break women usually take when they decide to have children, with many returning on reduced hours and so reduced salaries regardless of the length of time they have had off.

Perhaps most significantly, though, as Pinsent Masons partner Carolyn Saunders stressed in the report, is that “women’s attitudes and priorities when considering their financial futures differ from those of men”.

That much has been clear to Lesley Mackintosh, founder and chief executive of Edinburgh financial advisory business Independent Women, for many years.

It is no surprise, then, that she has focused largely – though not exclusively – on helping female clients make the most of their finances for the past two decades.

Reflecting on why women may be at a disadvantage when it comes to maximising their wealth, Ms Mackintosh says an aversion to taking on short-term, high-level risks has played a part.

“Men tend to look for the pizzazz, a quick fix,” she says.

“They are growth oriented and more adventurous.

“Women are more thoughtful and not so driven by percentage returns.

“They want longevity and to make sure that performance is good and above average.

“It’s more holistic as opposed to having to make sure they get 10 per cent returns every year.”

At the same time, because the financial advisory market has been and continues to be so male dominated, many women feel uncomfortable about seeking out the services on an independent financial advisor (IFA).

For Ms Mackintosh this makes perfect sense, given that earlier in her career she experienced how dismissive men working in the financial sphere can be towards women who are looking to take control of their own financial wellbeing.

“I went to the bank manager and said I need £10,000 to start a business and he shoved me out the door,” she recalls.

“He said your husband has a great job, why don’t you just go home.

“That’s a major factor – you feel patronised.”

This can result in what the Pinsent Masons-Fawcett Society report described as stereotype threat, where a person who is reminded of the stereotypical assumptions made about them will unconsciously begin to behave in a stereotypical fashion.

If the assumption is that women do not understand the financial world and are unwilling to take on any investment risk, it follows that they are far more likely to leave a male IFA’s office having accepted a low-risk strategy chosen for them rather than with them.

The answer, according to the report, is that “women using female financial advisers may be less inclined to behave in a risk-averse way”.

Ms Mackintosh says her experiences running Independent Women back this hypothesis up.

“There’s a much deeper understanding that we naturally have with our clients,” Ms Mackintosh says.

“People will come to me and I’ll say what do you want to achieve and I’ll work a plan out.

“Females might think they have a limited amount of understanding in this area but that’s okay because that’s why they come to us in the first place.”

The problem is that with so few women entering the industry, which remains more than 90 per cent male, female clients will remain at a disadvantage unless something is done to change that dynamic.

That is something Ms Mackintosh intends to play an active role in.

“When I started women accounted for about three per cent of the industry – we’re at about eight per cent now so not much better,” she says.

“I’m really trying to shout it from the rooftops that it’s a wonderful career.

“We are professional, extremely well-qualified individuals who have a deep understanding of what our clients are looking for.

“There’s a wonderful opportunity for people to join our industry but a big area is that bright intelligent women are not choosing to do it.

“It stems from our education system, with a lot of people not having a basic understanding about what happens when they leave university or buy a house.

“That should be incorporated into the curriculum with a basic module on financial planning then you could build on that and think it’s something you can work into a career.”

With Independent Women being acquired by Succession Group in 2015, Ms Mackintosh intends to bring that message to a wider audience by installing a representative of her part of the business in every one of the parent company’s UK offices.

It is exactly the kind of platform her business has been looking for and one she does not intend to squander.

“They’re a UK-wide wealth management firm and their investment is a very big commitment,” she says.

“It shows that they also believe in the equality factor.

“That allows me to lead Independent Women onto the national stage.”