NY Fed Investigating When Client Trade Becomes Prop Trade

Says Charlie Gasparino on Fox Business News:

"A portion of the recently enacted Dodd-Frank bill regulating the financial services industry prohibits firms from trading with their own capital, under the so-called Volcker Rule. But, the rule becomes muddied when firms trade for clients or underwrite bonds for clients and then hold those securities on their books."

How could this influence financial advisors? Especially wirehouse advisors/brokers if the SEC decides to require that they adhere to the fiduciary standard?

For the full story on Fox: http://www.foxbusiness.com/markets/2010/09/28/ny-fed-said-looking-constitutes-prop-trade/