And Roper acknowledges this might be the last best chance for the fiduciary standard to prevail across the advisory industry.

"With Sen. Dodd (D-Conn.) retiring and Sen. Johnson expected to be the new Senate Banking Committee chairman, and if he's not willing to compromise at this point" she says, "our options for getting legislation fixed look pretty grim in the future.

"We need to make this happen now," she adds.

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