Institute for Fiduciary Standard to Craft Best Practices

William C. Prewitt, M.S., CFP Charleston Financial Advisors LLC.

Rostad says that despite the fact the Securities and Exchange Commission Chairwoman Mary Jo White has indicated the agency will decide this year whether to move forward on a fiduciary rule for brokers, and the Department of Labor has said release of its fiduciary redraft under the Employee Retirement Income Security Act is a "No. 1 priority," it remains questionable that any fiduciary rulemakings will "materialize."

Says Rostad: "The outlook, in some key respects, [for any fiduciary rulemaking] appears far dimmer than it did just three years ago."

Rostad says that's why "fiduciary advisors need to act, "and "define themselves by Adviser Act fiduciary best practices."

The Board plans to issue its fiduciary best practices for public comment by year-end and also offer certification around those practices, Rostad says.

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Check out DOL Fiduciary Redraft Would Kill Many Small-Biz Retirement Plans: Survey on ThinkAdvisor.