Regulation

The firm has already standardized its variable annuities and alternative investments and is working toward doing the same for mutual funds as well as indexed and fixed annuities.

Patricia Bennett says she visited the regional's firm home office three times before deciding to make the move.

Even in the present deregulatory climate, the Treasury Department is pressing ahead with a rule to require advisors to screen for and report suspicious activity.

"The number of enforcement cases is likely to be down considerably going forward," said Urska Velikonja, a law professor at Emory University.

The acting head of OCIE says the commission has abandoned "wide, full-scope" scrutiny in favor of more targeted, risk-based reviews.

The wirehouse has already paid $415 million in fines and disgorged profits in a settlement.

The majority of managers are investing in technology with the intent of streamlining operations.

Hope is dimming, but top Democrats like Sen. Elizabeth Warren and investor advocates are unlikely to relent in their efforts to preserve the regulation.

"To me, that rule, it was about one thing and it was about enabling trial lawyers to increase profits,” acting Chairman Michael Piwowar says.

Caution to advisers: If you cop a deal with the SEC for leniency, be sure to hold up your end of the bargain.