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Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank") instructed the Securities and Exchange Commission ("SEC") to analyze the gaps in the regulatory regimes of investment advisers and brokerdealers. After analyzing the differences between the two regimes, the SEC proposed a rule that essentially created a fiduciary duty for broker-dealers equivalent to that of investment advisers. In theory, a uniform fiduciary duty would increase investor protection; however, such a drastic overhaul of broker-dealer regulation has attendant consequences. Indeed, as seen from the federal government's previous attempts to create a broker-dealer fiduciary duty, increasing broker-dealer regulatory requirements limits lower-capital investors' access to investment services. This Note proposes that instead of a uniform fiduciary rule, the federal government should require broker-dealers to disclose their conflicts of interest. This would fill a gap present in investment adviser and broker-dealer regulation and increase investor protection by allowing investors to make better, more informed decisions. [ABSTRACT FROM AUTHOR]