Financial Advisors Denied Overtime Pay

Financial advisors are among the employees who are susceptible to employee misclassification, an illegal overtime scam in which the employer intentionally misclassifies their workers as exempt from overtime pay.

Financial advisors and financial adviser trainees are typically eligible for overtime pay. Unless specifically exempt, financial advisors and financial adviser trainees should receive 1.5 times their regular rate of pay for hours worked in excess of 40 during a single workweek. Still, many financial advisors are denied overtime pay due to employee misclassification and other illegal wage and hour practices.

Working as a financial advisor and denied overtime pay? Your employer may be in violation of federal and state overtime laws. Fill out our free case review form today to find out if you are owed back pay.

Unpaid Overtime Lawsuits: Financial Advisors

Overtime lawsuits in the financial services industry are not uncommon. Stock brokers, financial consultants and financial advisers are particularly susceptible to employee misclassification, an overtime scam in which the employer intentionally misclassifies their employees as exempt from overtime pay. Several financial services firms have been accused of implementing these illegal wage and hour practices and many financial consultants have successfully sought legal recourse.

In Feb. 2010, final approval was given to a $43.5 million settlement, resolving 11 collective and class action overtime lawsuits which accused Merrill Lynch of failing to properly pay its financial advisers. According to the unpaid overtime lawsuit, the financial management and advisory company allegedly misclassified its financial advisers as exempt from overtime pay. Tax and business service provider H&R Block also recently settled an employment lawsuit that accused the company of misclassifying financial advisers as exempt from overtime pay. Financial advisers who suspect they also have been misclassified should contact an overtime attorney to learn more about their opportunity for legal recourse.

Overtime Attorneys for Financial Advisors

Our overtime attorneys are prepared to represent financial advisors and financial advisor trainees who were wrongfully denied overtime pay. If you have been working more than 40 hours a week without additional compensation, fill out our free legal consultation form to speak with an overtime attorney. At no cost to you, our overtime lawyers will review your claim to determine if you are owed back pay. If so, we will guide you through the legal process of filing an unpaid overtime lawsuit and take the necessary steps to ensure your legal rights are protected.