The financial advisory industry is growing rapidly but rewarding women inadequately, a new report finds. Although women's involvement in the sector has increased - they represented 36% of the industry in 2011, up 6 percentage points from 2003 - the gender pay gap has also grown, according to an analysis of U.S. Bureau of Labor Statistics data by NerdWallet.com.
Female advisors make only 61.3% of their male peers' annual pay, according to the NerdWallet research, which is similar to other recent reports. A study released earlier this year by Per- shing pointed to a lack of women at major wirehouse firms, where incomes are typically higher and client account sizes are larger, as a main driver of the disproportionate pay gap. Wirehouses are often a training ground for advisors who may make a move for independence once they have more experience and a book of business.
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