Some regulators are trying to get more clarity around the “culture” of different Wall Street and independent advisory firms. Apparently, it is difficult for the regulators to identify the subtle differences between firms that adhere to (and lobby for) a rigorous fiduciary standard, and those that offer seven-figure bonuses and periodically bet against the investment opportunities they sell to their customers.

There’s even talk about creating a questionnaire to help firms identify employees who might turn into regulatory time bombs.

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