RIA Fears DOL Independent Contractor Proposal Will Hurt Business
December 19, 2022 by Allison Bell
A North Carolina registered investment advisor told the U.S. Department of Labor that its effort to narrow the definition of the term “independent contractor” is bad for RIA firms.
Laird Hepburn, a partner with an RIA firm in Apex, North Carolina, noted that state and federal law requires him to supervise the firm’s investment advisor representatives, who are independent contractors. Hepburn worries that, under the proposed DOL independent contractor definition update, supervising the IARs will turn them into employees.
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