The distinction between the role of a broker and the role of an investment adviser may seem clear to those within the profession but not necessarily to their clients. Investment advisers are classified as fiduciaries who must act in the best interests of their clients. Brokers are not fiduciaries. That distinction survived and enjoyed regulatory allowances until the 1980s. However, over the past 30 years, the distinction between these two roles has become increasingly blurred. This blurring of the roles—in addition to investor losses and increased regulatory activity—has led the profession and the investment industry to a crossroads in terms of the nature of the roles investment professionals play and the standards to which they will be held.