18,500 New Fiduciaries?

Could Smith Barney's 18,500 brokers (a.k.a. "financial advisors") suddenly turn into fiduciaries? The Wall Street Journal reports on the prospect:

Buried in President Obama's proposed regulatory overhaul is a change that could upend Wall Street: Brokers would be held to a higher "fiduciary" standard that would compel them to place their client's interests ahead of their own.