Why do so many consumers stumble when asked how brokers and fiduciary advisers differ but can recite blindfolded how a butcher and dietitian differ? Clue: It’s not “investor confusion.”

Darren Fogarty, Employee Benefits Advisor at Wincline, describes the differences between brokers and fee-only advisors.

In addition changing Reg BI’s nomenclature, the Institute for the Fiduciary Standard called for many changes by the SEC.

Gensler has developed a reputation as a tough regulator who also was a successful leader on Wall Street.

But how a Democratic-led SEC interprets and enforces Reg BI depends on its chair.

Industry officials of all stripes continue to scratch their heads about the term as they attempt to comply.