ECL = Effective Character Level. The name really says it all. Characters are balanced by ECL without regard to money (at least in theory).
This can be further proved out by looking at systems that gradually introduce powers of ECL over 1 characters. Doing this, they would advance teh same (money, etc.) as other characters.
Also, think about it this way. Let's take an ECL 2 character (with 1 level of fighter). Would he be equivalent to a level 3 Fighter - when he has almost no equipment and the level 3 fighter has 3rd level equipment? I don't think so.
Finally, let's think about a 20th level fighter character and compare a 16th level fighter with a + 4 ECL adjustment. Do you think they would be anywhere close to equal when you consider the money difference between 16th and 20th level money??
Bottom line? ECL = Effective Character Level. Starting money should be based upon ECL regardless of how much is made up of an ECL adjustment and how much is from actual class levels.