In the last year, The U.S. Department of Labor (DOL) and the Securities and Exchange Commission (SEC) have proposed or finalized a handful of regulations and enforcement initiatives, while Congress has passed major legislation that, taken together, are already changing the world of investments and retirement planning.

One of the most recent initiatives, issued in late January of this year, concerns the fiduciary: The SEC released a staff study recommending the implementation of a uniform fiduciary standard of conduct for broker-dealers and investment advisers that would require anyone providing "investment advice" to put retail and other customer interests ahead of their own financial interests.

Provided to Congress shortly thereafter, the study was required under the Dodd-Frank Wall Street Reform and Consumer Protection Act and looks into obligations and standards of conduct of financial professionals.