Berger & Montague, P.C. 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:
- Insurance agents
- Tax preparers
- Investment managers
- Financial planners
- Estate planners
aren't financial advisor trainees receiving overtime
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
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
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.
financial advisor trainee unpaid overtime
Numerous financial advisor trainee unpaid overtime class action
lawsuits have settled over the last few years.
- Bank of America and Merrill Lynch: In
February 2016, Bank of America and 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
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
Please contact us to discuss the details of your case. You
- Use the contact form on this page ("Inquire About Your
- Email firstname.lastname@example.org
- Call (800) 424-6690
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