Congress continues to debate the large Obama plan for overhauling the financial system. The major cause of friction are stipulations giving the Federal Reserve Board more powers. But what's in all of this for investors?

Several key provisions could provide more protection. First, the Obama plan would require broker-dealers to abide by the same fiduciary standards as investment advisors when giving out investment advice. This has long been a simmering feud which should be resolved in favor of more protection for investors.

"We have been wanting that for many years. It is the right way to go," said Diahann Lassus, chairwoman of the National Association of Personal Financial Advisors. It is just common sense that when a broker is dispensing financial advice to investors, that they should have the same fiduciary standard as registered investment advisors, said Dan Barry, director of government relations for the Financial Planning Association. "It is what investors would intuitively expect," Barry said.

The specific recommendations relating to investment advisers are set forth on pages 71-72 of the Administration's plan. In addition to recommending the extension of the fiduciary duty standard to broker-dealers who provide investment advice, the plan recommends providing simple and clear disclosure to investors regarding key aspects of their relationships with investment professionals, prohibiting conflicts of interest and sales practices that are contrary to the interests of investors, and consideration of giving the SEC authority to prohibit mandatory arbitration clauses in advisory accounts with retail customers.

Other aspects of the plan include: establishing a Consumer Financial Protection Agency (CFPA) and requiring hedge funds advisors to register with the SEC under the Investment Advisor Act of 1940.

While many of these provisions seem laudable on the surface, Republicans in Congress continue to raise the issue of excessive government spending and duplicative, if not unnecessary, regulation. For high net worth investors and their advisors, their tax bill over the next few years to pay for all of this government spending  can outweigh the investor protection benefits of the plan.