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VersaFi CEO wants to make finance sector more inclusive | Investment Executive

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VersaFi CEO wants to make finance sector more inclusive | Investment Executive

“I had a conversation with a woman … in the finance sector who is a managing director at one organization, running a desk,” van Biesen said. “Her husband is a director, which is lower, at another organization, not running a desk. Same business. And he’s paid more than she is.”

The ongoing pay disparity is depressing, but van Biesen, who in January was appointed president and CEO of what was formerly known as Women in Capital Markets, focuses on possibility.

“I am in this role because I am an optimistic person,” she said. “And I do believe in the power of this sector to make change.”

Furthermore, the financial services sector has a “tremendous opportunity” to enact change, she said, “because we see this huge wealth shift” toward women, given factors such as longevity and divorce.

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Van Biesen brings plenty of relevant experience as Women in Capital Markets rebrands to VersaFi and continues promoting inclusion in the finance sector. Before joining the organization, she was managing partner, board and CEO succession, with global consultancy Korn Ferry, where she advised on leadership decisions and advocated for inclusion.

Prior to that, she served in executive roles in both the Canadian and global arms of Catalyst, a non-profit focused on the advancement of women and underrepresented groups in the workplace. And a decade and a half ago, she established the diversity practice for global leadership consultancy Spencer Stuart’s Canadian financial services practice, with a focus on women on boards.

“I do this work because the finance sector is critical to this economy,” van Biesen said. “I want to see women fully represented in the most critical part of our economy, because that’s where all the important decisions are being made.”

Securing the corporate ladder

Representation requires a strong pipeline of talent, and women have increasingly entered the sector. “The intake valve — we’ve really addressed that,” van Biesen said, noting that institutions now hire female graduates as often as they do male. On this front, VersaFi’s offerings include skills building; professional development programming, including for students; coaching and mentoring; and networking.

In addition to acquiring skills, van Biesen suggests women surround themselves with the right people: “Seek out great organizations, great mentors, great sponsors and, to the extent that you can, great bosses.”

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She also encourages risk-taking as a path to growth. When women mistakenly assess themselves as underqualified, “we’re doing ourselves a disservice,” she said.

But women doing their part to be great hires is only one part of the equation. Organizations must create a system that supports women’s growth and development, van Biesen said: “Too often, we see women who are put into situations that we affectionately call the glass cliff” — a do-or-die job without the support to succeed.

An organization that supports success, she said, systemically accommodates career breaks for caregiving, which many women will require at some point. It’s also transparent about pay and creates gender-balanced teams, which signal to women — both financial advisors and clients — that the firm values the richness that results from diversity of talent, she said: “There are a lot of these interventions that we can look at.”

However, she said persistence is key in addressing gender and pay disparities because “the minute you take your eye off that ball, you’re going to roll backwards.”

Fixing the broken rung

VersaFi aims to address what’s been coined “the broken rung”: after seven to 10 years of career success, women begin leaving at a disproportionately higher rate than men. And when women don’t advance mid-career, they don’t reach the top of the ladder. “We are stalled in progress at the executive level,” van Biesen said.

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She made clear that women don’t leave simply because they’re starting families, but because they don’t feel valued at this stage of their careers. They may see no advancement opportunities, or believe taking leave will mean losing clients. “If we could take a marathon view versus a sprint view, and create … bridges so that we can smooth these things out, we would make huge progress,” she said. For example, a team approach to advising clients allows clients to feel connected to more than one team member, she said.

Cultural challenges must also be addressed, van Biesen said: “There’s a lot of still inappropriate exclusionary behaviour that happens in the brokerage business, in the advisory business … that we’re not addressing.” For example, traditional ways of entertaining clients — sports events on weekends, say — don’t create opportunity to “bring more people into the fold.”

Women clients can similarly feel like outsiders whose concerns won’t be acknowledged or addressed. Once, when van Biesen found herself listening to an investment pitch as she and her husband sat across the table from an all-male advisory team, she thought, “I’m not buying.”

But her optimism persists: “Canadian financial services is innovative and can make change and address these issues.”

For example, large firms are improving their parental leave policies and programs, she noted, with 25 having signed VersaFi’s Parental Leave Pledge as of March 27. The pledge includes promising to provide paid leave, communicating leave policies clearly and analyzing leave-related data.

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“In wealth advisory, they’re trying to take a hard look at how they can create these on- and off-ramps for their women wealth advisors,” she said. “That takes really intentional leadership from management.”

Industry firms that have signed the pledge include Aviso Wealth Inc., Canaccord Genuity Corp., Desjardins Group, IG Wealth Management, Investment Planning Counsel, Manulife Financial Corp., Raymond James Ltd. and Bank of Nova Scotia.

Leading the climb

Innovation is also afoot at VersaFi, which rebranded on June 4.

“The industry has changed a lot since 1995,” when the organization was founded, van Biesen said. “This name [VersaFi] is a reflection of the diversity and the dynamism of the industry and the women within it.”

While the organization always represented women of diverse backgrounds, “we are going to be much more clear about that going forward,” she said.

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VersaFi will “support and advocate for women and gender-diverse individuals in finance from all backgrounds,” a release said, and will focus on the buy side, sell side and fintech.

Van Biesen said her vision is to “be a much bigger voice in the equity conversation in the finance sector across the country.” That means talking about the broken rung phenomenon, bringing more research to the conversation, and ensuring leaders and organizations walk their talk, she said.

She tells the story of a financial services professional — a woman — in the throes of a stressful workday. It’s the kind of day when you feel as though you’re failing at the job, failing at your personal life and may as well throw in the towel.

But the boss says it’s going to be OK; that this too will pass. He wants you to stay, he says, because you have a great future.

“This is leadership,” van Biesen said. “Diversity, inclusion, equity — we call it all these things. But it is fundamentally about good leadership.”

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This article appears in the June issue of Investment Executive. Subscribe to the print edition, read the digital edition or read the articles online.

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Finance

German finance minister wants to scrap spousal tax splitting

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German finance minister wants to scrap spousal tax splitting

Last weekend, several thousand people took to the streets in Munich to demonstrate against abortion and assisted suicide. One speaker made an extremely dramatic plea against what he called the “culture of death” that has allegedly taken hold in Germany. One sign of this, the speaker argued, was that the government is planning to abolish a regulation known as “spousal tax splitting.”

Is tax law really relevant to deep philosophical debates on the sanctity of life? It is even a matter of life and death at all? Surely we needn’t go that far? In any case, the intense political uproar surrounding the new debate on whether to abolish spousal tax splitting is notable, even by today’s standards of populist outrage.

An advantage for couples with widely divergent incomes

The row was sparked by Germany’s vice chancellor and finance minister, Lars Klingbeil, of the center-left Social Democratic Party (SPD), who said he wanted to abolish and replace the joint taxation of spouses’ income, a system that has been in place since 1958.

How exactly does spousal tax splitting work? In Germany, married couples (and since 2013, couples in civil partnerships), can choose to have their income assessed jointly by the tax authorities.

It means that the taxable income for both spouses together is halved – as if both partners had each earned an equal half of the income. Their tax liability is then determined by simply doubling the income tax due on one half.

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As people who earn more pay higher taxes in Germany, this system benefits couples where one partner (and often this is still the man) earns significantly more than the other (in practice often the woman).

Lars Klingbeil
Lars Klingbeil thinks spousal splitting is outdated and costs the state too muchImage: Bernd von Jutrczenka/dpa/picture alliance

Costs of up to €25 billion per year

If for example one partner earns €60,000 ($70,512) a year and the other partner earns nothing, the couple will be taxed as if they earned €30,000 each. In this example, the couple would save nearly €5,800 in taxes per year compared to the amount they would owe if both partners filed their taxes separately. According to the Finance Ministry, spousal tax splitting costs the government a total of up to €25 billion annually.

Some critics have long viewed splitting as a tool to keep women out of the labor market, because the more a woman earns, the larger her tax burden becomes. Klingbeil seems to agree, arguing on ARD television in late March that the system was “out of step with the times.” The spousal splitting system reflects “a view of women and families that is completely at odds with my own,” he said.

Chancellor Merz said to be in favor of splitting

On Monday of this week, Klingbeil got some surprising support on this from Johannes Winkel, head of the youth wing of the conservative Christian Democratic Union (CDU).

“Given the demographic reality, the government should create incentives to ensure that both partners in a relationship are employed,” Winkel told the Funke Media Group. “In the future, tax relief should primarily be granted to married couples when they are facing hardships related to raising children.”

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But the chancellor is a vocal skeptic of the proposal. “I am not convinced by the claim that joint filing for married couples discourages women from working,” Friedrich Merz said at a conference organized by the Frankfurter Allgemeine Zeitung newspaper. “Marriage is a relationship based on shared income and mutual support. And in a marriage, income must be treated as a joint income for tax purposes, not separately.”

Berlin under pressure to fix pensions, health care and taxes

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Klingbeil’s alternative plan

At around 74%, the labor force participation rate for women in Germany is one of the highest in Europe, but half of them work part-time.

Klingbeil’s idea is to replace the existing system with a more flexible approach: Both partners would be able to distribute tax-free income among themselves in such a way that it minimizes their tax liability. This would allow the couple to continue enjoying a tax advantage, albeit not to the same extent as before. And whether one partner earns more than the other would become less important.

However, it remains to be seen whether Klingbeil will be able to push through his proposal. Aside from Germany, similar regulations offering tax benefits to couples exist in Poland, Luxembourg, Portugal and France.

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This article was originally written in German.

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Departing inspector general targets Council Office of Financial Analysis

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Departing inspector general targets Council Office of Financial Analysis

The $537,000-a-year office created in 2014 to advise the City Council on financial issues and avoid a repeat of the parking meter fiasco has failed to deliver on that mission, the city’s chief watchdog said Tuesday.

Days before concluding her four-year term, Inspector General Deborah Witzburg said a shortage of both adequate staff and financial information closely held by the mayor’s office prevents the Council’s Office of Financial Analysis from helping the Council be the the “co-equal branch of government” it aspires to be.

In a budget rebellion not seen since “Council Wars” in the 1980s, a majority of alderpersons led by conservative and moderate Democrats rejected Mayor Brandon Johnson’s corporate head tax and approved an alternative budget, including several revenue-generating items the mayor’s office adamantly opposed.

But Witzburg said the renegades would have been in an even better position to challenge Johnson if only their financial analysis office had been “equipped and positioned to do what it’s supposed to do” — provide the Council with “objective, independent financial analysis.”

“We are entering new territory where the City Council is asserting new, independent authority over the budget process. It can’t do that in a meaningful way without its own access to financial analysis,” Witzburg told the Chicago Sun-Times.

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Chicago Inspector General Deborah Witzburg’s latest report focuses on the Chicago City Council’s Office of Financial Analysis.

Jim Vondruska/Jim Vondruska/For the Sun-Times

But the Council’s financial analysis office, she added, “has never been equipped or positioned to do what it needs to do. It needs better and more independent access to data, and it needs enough staff to do its job. It has a small number of employees and comparatively limited access to data.”

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The inspector general’s farewell audit examined the period from 2015 through 2023. During that time, the financial analysis office budget authorized “either three or four” full-time employees. It now has a staff of five .

Witzburg is recommending a staffing analysis to identify how many people the financial office really needs — and also recommending that the office “get data directly” from other city departments, “ rather than having it go through the mayor’s office.”

The audit further recommends that the office develop “better procedures to meet their reporting requirements” in a timely manner. As it stands now, reports are delivered “sometimes late, sometimes not at all,” the inspector general said.

“We find that those reports have been both not timely and not complete in terms of what they are required to report on and that those reports therefore have provided limited assistance to the City Council in its responsibility to make decisions about the city’s budget,” she said.

The Council Office of Financial Analysis responded to the audit by saying it hopes to add at least three full-time staffers in the short term and has made “some progress” over the last three years in improving their access to data, but not enough.

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The office was created in 2014 to provide Council members with expert advice on fiscal issues.

For nearly two years the reform was stuck in the mud over whether former 46th Ward Ald. Helen Shiller had the independence and policy expertise to lead the office.

Shiller ultimately withdrew her name, but the office was a bust nevertheless. In an attempt to breathe new life into it, sponsors pushed through a series of changes.

Instead of allowing the Budget chair alone to request a financial analysis on a proposal impacting the city budget, any alderperson was allowed to make that request.

The office was further required to produce activity reports quarterly, not just annually.

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Now former-Budget Chair Pat Dowell (3rd) then chose Kenneth Williams Sr., a former analyst for the office, as director and gave him the “autonomy” the ordinance demanded.

Two years ago, a bizarre standoff developed in the office.

Budget Committee Chair Jason Ervin (28th) was empowered to dump Williams after Williams refused to leave to make way for a director of Ervin’s own choosing.

The standoff began when Williams said he was summoned to Ervin’s office and told the newly appointed Budget chair was “going in a different direction, and I’m putting you on administrative leave” with pay.

“He took all my credentials and access away. I would love to come to work. I wasn’t allowed to come to work,” Williams said then.

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Williams collected a paycheck for doing nothing while serving out the final days remainder of a four-year term.

Ervin’s resolution stated the director “may be removed at any time with or without cause by a two-thirds” vote or 34 alderpersons. He chose Janice Oda-Gray, who remains chief administrator.

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments. 

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.” 

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.  

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.  

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.” 

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Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.  

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