One of the scenarios arising from the financial crisis and frauds like the one perpetrated by Bernie Madoff will be greater regulation of broker/dealers. However, securities regulators, rightly or wrongly, are likely to bring registered investment advisors under the same compliance umbrella as registered representatives. Maybe not right away, as the watchdogs have easier pickings with ‘unregistered RIAs,’ a.k.a. hedge funds, but it’s only a matter of time before they get around to the registered crowd.