This week, ADISA’s president Matt Malone signed a letter on behalf of ADISA’s membership to the U.S. Senate Committee on Health, Education, Labor & Pensions expressing strong concerns with H.R. 842, The Protecting the Right to Organize (PRO) Act, which seeks to change the definition of “independent contractor” as applied to the many financial professionals who act as independent contractors for their financial services firms.

By effectively reclassifying independent contractors as employees, the PRO Act would disrupt financial services with unintended negative consequences for the investor specifically by destroying the independent financial advisor model. These individual advisors are vital to ensuring that Main Street Americans have access to the important advice, products and services necessary to achieve their financial goals and protect their homes, families and businesses.

To view the letter to the Committee, click here.

To read ADISA’s Policy Statement on Protecting the Right to Organize (PRO) Act, click here.