Until last July, Guggenheim Securities prohibited employees from reaching out to officials at the SEC or other watchdogs without prior consent from the firm’s lawyers.

Push yourself outside your comfort zone.

This is now a question for the U.S. Securities and Exchange Commission, as the regulatory watchdog wanders into a thicket of inconsistent standards.

The Institute for the Fiduciary Standard released its alternate version of the disclosure document, arguing more was needed to draw the distinction between investment advisors and broker/dealers.