There is a major fight going on between planners and regulators about how to define and apply a fiduciary standard, and some would say it is a fight that will shape how all of us practice in the future. Yet despite the high stakes, it seems that few planning professionals have chosen to join in and make their opinions known.

We still have little clarity around whether a fiduciary standard will be applied for all who provide investment advice. We are in the dark as to whether SEC Chairwoman Mary Schapiro will succeed in her goal of handing off RIA regulation to some a regulatory organization from the SEC. We don't know what portions of the Dodd-Frank Act will be put into practice and what the associated fallout may be.

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