FSI Statement on Release of New Jersey’s Final Independent Contractor Rule

Today, the New Jersey Department of Labor and Workforce Development (NJDOL) adopted its final independent contractor rule, which implements an ABC test to determine worker classification in the state. The final rule incorporates changes to the proposed rule, including the addition of clarifying language. The rule's anticipated publication date is June 1, 2026, and it will be operative on October 1, 2026.

Below is a statement from FSI President & CEO Dale Brown:

"We are reviewing the details of the rule and clarifying language to determine the exact impact it will have on our members. Independent financial advisors have chosen the independent contractor model, many switching from an employee-advisor model, for the freedom and flexibility to build their own business and provide affordable, high-quality financial advice to their clients. It is imperative that advisors' choice to operate as independent contractors is secure. We remain committed to defending our members' businesses and preserving New Jerseyans' access to professional financial advice."