In 2008, FSI released to its members a white paper by McIntyre Law Firm, PLLC, that detailed why FSI members properly classify their financial advisors as independent contractors, and that advisors should not be viewed as employees of their broker-dealers. In order to take current developments on this issue into consideration, an updated version of the white paper is available online to FSI members (member login required to view).
Though this is not a new issue for our industry and we’ve written about this in the past, the updated white paper includes recent case law developments that explain in more detail why our members are properly classified as independent contractors.
What are your thoughts on these new developments? We’d love to hear your thoughts in the comments section!