This podcast originally appeared on ThinkAdvisor by Melanie Waddell.

In this episode of Human Capital, we talk with Ron Rhoades, director of the personal financial planning program and assistant professor of finance in the Gordon Ford College of Business at Western Kentucky University, who was recently awarded the Tamar Frankel Fiduciary prize by the Institute for the Fiduciary Standard.

Rhoades unpacks some big questions that he says have yet to be answered concerning the Securities and Exchange Commission’s Regulation Best Interest: “Is it going to improve the standard of conduct for brokers? … There’s a lot that we don’t know about Reg BI.”

With Reg BI, says Rhoades: “Basically the SEC is taking this phrase ‘best interest,’ which has an established legal meaning, and is redefining the English language. The question is: how are they going to redefine it?”

As to the SEC’s Form CRS: “It’s a travesty.”

Rhoades also prognosticates whether the SEC will get rid of 12b-1 fees.