Efforts by the U.S. Labor Department and the Securities and Exchange Commission to implement fiduciary standards on the investment-advice industry have slowed in recent months. Conducting cost-benefit analyses on the proposed fiduciary duties has proved to be a challenge for officials. In addition, a fiduciary duty could hurt those who serve the middle market, such as NAIFA members, NAIFA President Robert Miller said. "We're not running from regulation. There is room for intelligent regulation in the marketplace," Miller said.

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