FSI Statement on Publication of DOL Independent Contractor Rule Proposal

Today, the U.S. Department of Labor proposed a new independent contractor rule to determine whether workers are employees or independent contractors under the Fair Labor Standards Act.

FSI President & CEO Dale Brown issued the following statement following the release of the proposal:

“While we are still carefully reviewing the rule, we are hopeful the Department has meaningfully addressed the serious concerns raised about the prior rule. Our members have chosen the independent contractor model—many making the switch from an employee model—so that they can build their own businesses and better serve their clients. It is crucial that advisors’ ability to choose the business model that best meets their professional goals and their clients’ needs is preserved.”