So says Phil Flynn, energy analyst at Alaron Trading, in this ABC News article.

For many years, much to the dismay of those in the financial planning and/or advisory business, stock brokers have been able to promote themselves as financial advisors, courtesy of a special SEC exemption known commonly as the "Merrill" rule. Under this exemption, brokers and others operating as commission sales people were exempt from the more rigorous conflict of interest disclosure and fiduciary standards that normally apply to those in the financial advisory field.

Now, a federal appeals court has overturned the Securities and Exchange Commission on the Merrill rule, striking a blow for the Financial Planning Association and legitimate financial advisory practioners. Brokers will have three months to register as financial advisors or to desist from providing advisory services.