The Daily Brief
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Unequal Pay

Wage pay gap biggest for female financial advisors, industry group advocates to save retirement accounts and Trust Company of America launches ETF Custody Advantage.

The wage gap between men and women is real, but it's most pronounced in the financial services industry, according to a new report by the Institute for Women's Policy Research. The report found that the profession in which women lag behind men the most is personal financial advisor. Female advisors make $760 a week less than their male counterparts, MarketWatch reports. The wage gap amounts to 44.4 percent, compared to an overall average wage gap of 19.1 percent. That means that the median weekly earnings of all female full-time workers is $749, compared to $915 for men. It is “ironic” that an industry focused on helping people achieve financial security has one of the biggest gender wage gaps, Ariane Hegewisch, program director for employment and earnings at the Institute, told MarketWatch.

Industry Groups Band Together to Protect Tax Treatment of Retirement Accounts

Several industry groups and asset managers have come together to advocate for the existing employer-based retirement system as Congress considers tax reform. The new Save Our Savings Coalition is an alliance that includes the Financial Services Roundtable, the Investment Company Institute, Employee Benefit Research Institute, Northern Trust and TIAA among others. The group aims to avoid any tax-related proposals that could affect retirement accounts and benefit highly-compensated employees over other savers. “Misguided proposals could unintentionally undermine the incentive for employers to offer retirement plans or for working people to save," said Jim McCrery, former Ranking Member of the Ways and Means Committee.

Trust Company of America Adds ETF Platform

Trust Company of America is launching a new ETF trading platform it’s calling ETF Custody Advantage. The product provides RIAs with 60 ETFs from asset classes including domestic and international equity, bond, sector, currency and commodities from providers like Guggenheim Investments and Global X. Trust Company of America will provide a custody fee offset on all participating ETFs, automatically applied to assets held in products on ETF Custody Advantage, to help manage costs for advisors. Trust Company of America said it plans to add to its lineup of ETF providers throughout the year.

 

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