The only thing that was passed was a directive to the SEC to look at it. They have not come down with any decision. Unless it happened this weekend.

I agree with Sports. It has not passed yet that I know of.

But IMO there will be a change coming. If all advisors are not mandated to be fiduciaries we will at least have to use the rule of 3 for all non-fee based accounts. This will put the ultimate decision in the clients lap. They either become their own fiduciary or pay a fee for us to do so.

I agree something is going to happen, not sure what. I don't believe that they will mandate fee only. I think that we will all be Fiduciaries, and whenever commission business is done, there will be a nightmare of paperwork to be signed by the client acknowledging that they were informed of the potential conflict of interest and maybe even that that the broker is still a fiduciary and if they feel fiduciary standards were violated, they have the right to sue, or something like that.

Bill Good has done some writing on it.  If you want to look at some articles and research here's the link:

http://www.billgood.com/managechange/index.cfm

The Dodd-Frank Bill, passed this summer, requires the SEC to study the issue of "harmonizing" the RR suitability standard and the RIA "best interests" standard.  Specificallty, the Dodd-Frank Act requires that the SEC issue rules and that  “[s]uch rules shall provide that such standard of conduct shall be no less stringent than the standard applicable to investment advisers." The rules have not been issued, but this looks pretty clear to me.  I have created a webpage to help advisors deal with the change that these and other regulations will bring to the industry.  You can see it at www.billgood.com/managechange. Castle1 also posted a link to this site.

Bill Good, now there's a name I haven't heard in a while. Hope all is well with you.

If I may....

Bill, what do you see as some of the biggest factors facing seasoned advisors in the next decade? Opportunities, obstacles?

A major issue will be to insure you are 100% fee based in two years. By then, the SEC, IRA and DOL will have implemented the reforms now in the pipeline.  Another issue is partnering up with a younger FA so you can plan an orderly transition for the client relationships you have built over a business lifetime.  Then there is mastering social media.  Old dogs have to learn new tricks.  I have a conference call with an RIA client of mine who has hired, to my knowledge, the first Social Networking Director on an FA team.  They are opening about one new client relationship a week.  You need about 45 minutes to absorb this.  http://www.billgood.com/gorillamonth/

I agree we need a stronger fiduciary standard but taking away some of the clients options is not the way to achieve it.

I guess socialism must nearly be in place...We only need for Dodd & Frank to finish puffin each others peter to complete the wrecking of capitalism...

Face it, these dirty politicians hate all of us because a few of us have higher earned income than they do... And we do it legally... Except for those of you who have a big indexed annuity in every clients portfolio...

I agree that fee based is the to go in this industry looking forward. Transparency is the key