"[It's] a big retooling for ... been insurance companies, broker-dealers, who now have this different standard to which they are going to be held.... [We're] frankly in a little bit of an awkward regulatory environment because [an investor] could actually work with an advisor who has different regulatory requirements about how good the advice has to be for my IRA account versus my taxable brokerage account, at the same firm with the same advisor.... [That's not] tenable in the long run."