Practice Area: Employment Law & Unpaid Wages

Case Status: Under Investigation

Berger Montague is investigating potential class action lawsuits on behalf of financial advisor trainees who did not receive overtime pay.

What is a financial advisor trainee?

A financial advisor trainee is an employee who is being groomed to become a financial advisor. Financial advisors provide financial advice or guidance to clients for compensation. Financial advisors can provide many different services, including investment management, income tax preparation, and estate planning.

The term “financial advisor” applies to many different types of financial professionals, including:

  • Stockbrokers
  • Insurance agents
  • Tax preparers
  • Investment managers
  • Financial planners
  • Estate planners
  • Bankers

Why aren’t financial advisor trainees receiving overtime pay?

Under the Fair Labor Standards Act (“FLSA”), a federal law that establishes minimum way, overtime pay eligibility, recordkeeping, and child labor standards, most employees in the private sector and federal, state, and local governments are entitled to overtime wages. The FLSA defines “overtime” as working more than 40 hours per week.

However, there are “exemptions,” or employees who do not qualify for paid overtime. Many employers have misclassified financial advisor trainees as exempt employees when in reality they are non-exempt employees under the FLSA and do qualify for overtime wages.

If you are a current or former financial advisor trainee and believe you were wrongfully denied overtime pay, contact Berger Montague. You may be able to file a class action lawsuit.

Previous financial advisor trainee unpaid overtime settlements

Numerous financial advisor trainee unpaid overtime class action lawsuits have been settled over the last few years.

  • Bank of America and Merrill Lynch: In February 2016, Bank of America and its subsidiary Merrill Lynch agreed to pay an undisclosed amount to resolve claims they did not pay financial advisor trainees overtime.
  • Morgan Stanley: In June 2016, Morgan Stanley agreed to pay $6 million to resolve four collective actions accusing the company of withholding overtime pay from financial advisor trainees.

Do I have to pay to consult with an attorney?

We are happy to talk with you about your potential claims free of charge. If we decide to represent you in a lawsuit, we will enter into a written contingent fee agreement with you. A contingent fee agreement means we only get paid if we win, and that we will receive our fees from the amount paid by the Defendant in the case.

Please contact us to discuss the details of your case. You may:

  1. Use the contact form on this page
  2. Email [email protected]
  3. Call 800-419-6044
schedule a free consultation

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