A recent report from the American College found that while income increases for both financial advisors throughout their careers, it increases at a lower rate for women.
The study analyzed producers in the financial services industry and found that 59 percent of men who had been in the industry over 16 years had earnings over $100,000 per year, while less than 40 percent of women with the same experience had equivalent earnings.
“The statistics concerning the compensation of female financial advisors are troubling, particularly in light of the burgeoning economic power women now hold,” Mary Quist-Newins, assistant professor of women’s studies and the State Farm Chair in Women & Financial Services at The American College, said in a press release. “It is widely estimated that American women today own half the nation’s wealth – and that their ownership share will grow to two-thirds by 2030.”