see PRO Act as problem
At Harris Financial, we build long-term relationships based on a shared commitment to our clients’ financial independence. But sadly, the very independence of our company is now at stake thanks to a push in the U.S. Congress to pass the Protecting the Right to Organize (PRO) Act, which would undercut our entire business model. U.S. Sen. Mark Warner, D-Va., one of a small number of Democrats who haven’t publicly supported the legislation, should continue to withhold his support.
Our company works under the umbrella of LPL Financial, which hosts a simple broker-dealer business model — this means the vast majority of these financial professionals and institutions work as independent contractors. But the PRO Act would make it significantly harder to qualify as an independent contractor, imperiling my business model, despite the fact that I chose to become an independent contractor precisely because I wanted to be more entrepreneurial and have more flexibility.
The PRO Act would take away independent contractors’ ability to make this choice, with negative consequences for everyone involved: our own ability to make a living and provide a living for our employees, all of the families who depend on our company and our clients who rely on our expertise. Clearly, independent financial professionals are not the only people worried about the PRO Act’s impact on independent contractors: According to a Northern Virginia Chamber of Commerce survey, 69% of voters voiced similar concerns.
I hope Warner is listening. With a critical Senate hearing on the PRO Act coming up on July 22, I urge Warner to continue to withhold his support. I also urge U.S. Sen. Tim Kaine, D-Va., who serves on the committee holding the hearing, to really listen to concerns about the legislation and reconsider his support, for the sake of my business and countless others across the commonwealth.
Harris Financial Group.