FSI Statement on the State of the Union Address

The Financial Services Institute’s (FSI) President & CEO, Dale Brown, today released the following statement regarding President Biden’s State of the Union address where he mentioned passing the Protecting the Right to Organize (PRO) Act:

“Inspired by the entrepreneurial spirit and a desire to best serve the needs of their Main Street American clients, financial advisors choose to be independent contractors, with many of them voluntarily switching from an employee advisor position. The PRO Act, as it is currently written, threatens to revoke that choice. Independent financial advisors are small business owners serving those within their communities, helping hard-working Americans achieve their financial goals. They hire their own staff, pay their own taxes, develop their own books of business and rely on their business’ success. We call on lawmakers and the administration to recognize the unique nature of the independent financial services model and preserve advisors’ independent contractor classification in the PRO Act and all other worker classification rules.”