The LPL Government Relations team uses their voice to protect financial advisors and the value of independent advice

As more and more people are choosing to be their own boss, the U.S. has seen a surge in the number of independent contractors — including financial advisors, among many other professions. As a result of this changing landscape, legislators and regulators want to ensure workers are properly classified. At LPL, we’re committed to helping our financial professionals remain independent and ensuring there are no interruptions to our business model.

The value of independent advice

We believe everyone should have access to objective guidance from a financial advisor, and know our affiliated financial professionals value the freedom and flexibility our independent contractor model allows. Therefore, we are opposed to any efforts that seek to undermine financial advisors’ ability to operate their businesses independently.

Our financial professionals are small business owners, employers, experienced providers of financial advice, and active in their community. They run successful businesses, set goals for growth, and implement their unique strategic vision — all while helping clients pursue their financial goals. Their business is their legacy, and they’ve made the choice to build a career through this model.

Sharing our position to protect advisors

As different legislative and regulatory proposals have emerged, we’ve used our voice to protect advisors. LPL is proactive in submitting comment letters to both the Department of Labor and members of Congress, urging the preservation of the independent contractor model for financial advisors.

Here’s a full list of our comment letters:

Check out SIFMA’s latest podcast episode to hear LPL advisor Steve Budin tell SIFMA CEO Ken Bentsen why his contractor status is important to his business.

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