Backing legislation clearly designating independent broker-dealers' registered representatives as independent contractors and voicing opposition to the Labor Department's proposal to expand the definition of fiduciary are two of the major regulatory priorities of the Financial Services Institute this year. "The pace of regulatory change and the uncertainty created by Washington, D.C.'s inability to tackle the fiscal challenges facing our country are just some of the issues that make it a difficult time," said David Bellaire, FSI's general counsel. "However, there are also great opportunities as investors need financial advice, products and services from a local financial adviser they trust more than ever."

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