Within the next few months, the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) is expected to publish a reproposed rule on the definition of an ERISA fiduciary. The rule was first published in October of 2010, but was then withdrawn by EBSA under industry criticism in September of 2011.

With this rule, EBSA aims to eliminate loopholes in a 1975 regulation that have allowed broker-dealers to avoid fiduciary responsibility (and related liabilities) in delivering investment advice to retirement plans. The most controversial aspect of the rule may be to expand ERISA's definition of "fiduciary" to cover advice-based services for IRAs, including rollovers and small-business plans (SIMPLEs and SEPs).

So far, the financial industry's response has focused mainly on the rule's impacts and costs. This has "bought time" by causing EBSA to delay and rethink the rule, and regulators have indicated industry feedback will be included in the reproposal. Now, the industry is shifting its focus to anticipate and capture new opportunities triggered by the rule.