Panel members seemed in agreement that along with the proposed regulation, the DOL will also issue "a robust economic analysis" and "a number of proposed prohibited transaction exemptions."

Industry estimates peg the amount of money that will roll from 401(k) accounts to IRAs at $2.14 trillion over the next five years. "We see this not so much as a threat but as an opportunity to serve clients," explained Lynch. "Plan sponsors need our help."

He offered a slideshow that summarized the reasons sponsors need help:

• They don't realize they are the fiduciary for the plan.
• They aren't aware of the extent of their personal financial liabilities.
• They underestimate the full scope of their fiduciary responsibilities.
• They don't understand the true nature of the legal relationship with their plan's service providers.

Mark D. Ray, a consultant with Praxis Consulting, explained that the new fiduciary roles will allow advisors to help plan sponsors improve oversight and governance of their plans. He cautioned that some might lack the expertise and capabilities to handle such responsibilities without backup.

Lynch emphasized that still, the single most important contribution advisors can make to the process is the "one-on-one meeting" with clients.

"Unfortunately," he continued, "everyone has read that low-cost investments are better than high-cost (ones). Unfortunately, that got read as all expenses associated with investments should be low cost. The meeting and its results don't have to be inexpensive."

"Clearly, all the regulators (from different agencies) are coming together to make sure our dollars are being well spent," said Peter K. Swisher, senior vice president/national sales director, Penetegra Retirement Services.