California "Independent Contractor" Bill Passes After Advisor-Unfriendly Language Removed Hot

SB 459 would have generated about $250,000 in added administration costs for California's advisory industry if it had passed in its original form.

However, strong lobbying from the Financial Services Institute and other groups got officials to remove the record-keeping and notification requirements.

Maybe not a strong "win" for the industry, but definitely something that California readers were watching closely.

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