They've been at it for years. The Securities and Exchange Commission and the Department of Labor have been batting around a rule that, in one form or another, would raise investment-advice standards for brokers.

When something might actually happen is anyone's guess. Adoption had been expected this fall, though it now appears that next year could, in fact, be the year for a new fiduciary standard for advisors to retirement plans.

The stakes are high. Some industry groups have warned that the proposed revision to the 1974 Employee Retirement Income Security Act would effectively end the commission-based retirement advisory model, and that imposing a fiduciary responsibility would push many advisors and firms out of the retirement space, or out of business altogether.