How DOL’s New Independent Contractor Rule Could Cause Major Headaches for Advisors

October 24, 2022 by Jeff Berman

The proposed rule the Labor Department released Oct. 11 that would determine worker classification as either an independent contractor or an employee stands to create a major headache for financial advisors, according to David Bellaire, executive vice president and general counsel for the Financial Services Institute, an advocacy group.

The new Labor rule would replace the 2021 rule that went into effect as a result of a ruling in March by the U.S. District Court for the Eastern District of Texas that Labor’s delay and withdrawal of its independent contractor rule violated the Administrative Procedure Act.

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Originally Posted at ThinkAdvisor on October 21, 2022 by Jeff Berman.