“The traditional broker-dealers are still far more powerful, they have greater resources than the independent community, and they employ those resources very effectively,” says MacKillop. “I don’t think the tide has turned. This will still be a long, hard battle.”
Advisors should be wary of the multiple levels of fiduciary regulation that could impact them, says Geoffrey Brown, CEO of the National Association of Personal Financial Advisors.
“Pay attention to what’s happening from a policy perspective, know what you’re doing from a compliance standpoint, and seek assistance from outside counsel to make sure that you’re interacting with your clients in a legal, permissible manner,” Brown says.