While there is a “small chance” that Securities and Exchange Commission Chairwoman Mary Schapiro will issue a proposed rule to put brokers under a fiduciary mandate by year-end, the most likely scenario is that, in the “short term (over the next three to four years), we aren’t going to see any fiduciary rule with teeth,” Knut Rostad, president of the Institute for the Fiduciary Standard, told AdvisorOne on Wednesday.

“I think regulators will continue to punt” the fiduciary issue, Rostad said. “In the short term at least, protecting the fiduciary standard will have to come from the advisory profession itself.”

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