New Jersey Senate Passes Legislation Protecting Financial Advisors’ Independent Contractor Status

Today, the New Jersey Senate passed S2782, a bill clarifying the independent contractor status of certain licensed or regulated professionals in the state, including independent financial advisors, under the New Jersey Department of Labor and Workforce Development's new worker classification rule. The bipartisan legislation passed with a vote of 35 - 2.

"We applaud the New Jersey Senate for passing this necessary legislation," said FSI President & CEO Dale Brown. "Independent financial advisors have chosen the independent contractor model for the freedom and flexibility to build their own business, hire their own staff, and better serve their clients. S2782 is vital to ensuring independent financial advisors can continue serving Main Street investors in the state, confident that their independent status is secure. We urge the Assembly to swiftly pass this bill and for Governor Sherrill to sign it into law."

Click here to read FSI's statement to the New Jersey Senate in support of S2782.