Advisors could need to recalibrate their portfolio strategies if federal authorities move to expand regulation of large mutual fund companies, a move that opponents say threatens to bleed value out of the fund industry and aims to solve a problem that doesn't exist.

In question is whether financial institutions such as asset managers like BlackRock and Fidelity should be designated as "systemically important," a regulatory classification that would entail bank-like oversight by the Federal Reserve, a scenario that critics say would have adverse effects on investors.

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