While many in the investment community are worried about the increased regulatory climate and what it means for their business, many registered investment advisors (RIAs) are feeling confident that their model is the correct one: And the increase in their clientele the past five years has shown increased risk can come with great reward.

With the economic crisis of the past few years ravaging individual retirement savings, many investors have flocked to RIAs, advisors they know will keep their best interests at heart when choosing investments because they choose to take on the major responsibilities of being fiduciaries.

David Altimont, senior vice president and practice leader for Lockton Investment Advisors, LLC in Dallas, has been in the retirement plan industry for 28 years and has run the Lockton retirement practice for eight. The fiduciary climate is changing and becoming more complex, he said. It also is "starting to lean more and more in the direction of plaintiffs attorneys and their clients over the last four or five years."