The DOL's definition of who's a fiduciary and who's not a fiduciary seems to be a never-ending headache. The Sword of Damocles hangs over the heads of so many Broker-Dealers and RIAs depending on which way the wind is blowing, with most wishing a gust would blow it right offshore. Who in their right mind wants to be subject to 408(b)(2) disclosure rules?

A recent survey of FreeERISA financial advisors shows that 73 percent of them listed "regulation" as one of their top three greatest business challenges. Second and third place were increased competition (61 percent) and fee compression (58 percent). So with that thought, it's no wonder they want to avoid being labeled as a fiduciary: something that comes with a lot of excess regulatory baggage.

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