"EBSA's proposed regulations make clear that compensation that may vary depending on the investments chosen ... can continue to be a part of the adviser or advising firm's compensation structure. But -- and it's an important 'but' -- the price for this freedom in compensation arrangements is the Best Interest Contract, or BIC ... 'Best interest' may be in the eye of the beholder. How much emphasis should be given to the lowest possible fees? Are higher fees justified by facts and circumstances, such as a more expensive fund whose manager has a track record for outperforming others? Would advice that looks questionable today be considered acceptable in the historical context of the time and options available when it was given?"

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