Stockbroker Overtime Pay Lawsuit Lawyer

Stockbroker Overtime Pay Laws & Unpaid Overtime Lawsuits

Stockbrokers, also known as financial advisors or financial consultants, are generally compensated based upon a combination of a salary and/or draw and commission.  Traditionally, they have been thought to be exempt from the overtime requirements of the Fair Labor Standards Act (FLSA).  In 2004 the FLSA was amended and stockbrokers began bringing claims for overtime compensation.  The claims were based upon Department of Labor (DOL) opinion letters that seemed to provide some support that stockbrokers were covered by the FLSA because they were paid by commission or performed non-exempt duties.

On November 27, 2006 the DOL issued opinion letter FLSA 2006-43 regarding individuals employed in the financial services industry such as account executives, broker-representatives, financial executives, financial consultants, financial advisors, investment professionals and stockbrokers.  In a lengthy opinion the DOL found that these types of employees fall under the executive, administrative or professional exemption found at FLSA section 13(a)(1).  The exemption applies to anyone who earns in excess of $455 per week on a salary or fee basis and whose primary duty is the performance of office or non-manual work directly related to the management or general business operations of the employer or the employer’s customers; and whose primary duty includes the exercise of discretion and independent judgment with respect to matters of significance.  The DOL held that the stockbrokers whose duties were described were exempt.Stockbroker Overtime Pay Lawsuits

If you work as a stockbroker your position is probably exempt, but the determination of whether you are exempt under the law is not based upon your title but based upon your duties and responsibilities and payment method.  If you believe your employer may be violating the law by not properly paying you overtime wages, please contact an experienced attorney immediately because the time to file these types of lawsuits may be short.

If you would like to discuss your case or concerns with one of our experienced attorneys, please call (855) 794-2795 for a Free Consultation or complete the Free Unpaid Overtime Case Review Form on this page.  We will discuss your situation and determine if you have a claim.  If you are owed unpaid wages, we will represent you under our No Fee Promise, which means there are never any legal fees or costs to you unless we recover.

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