Fee-based RIAs could face considerable disruption to their businesses if the Department of Labor's fiduciary rule stands as written, according to analysts at Fitch Ratings.
Much of the analysis of the potential impact of a uniform fiduciary standard has been geared to estimating the rule's affect on the commission-based revenue streams of broker-dealers.
But the extent of the disclosure requirements proposed in the regulation could present "hidden surprises" to RIAs' fee-based model, according to Matt Noll, a senior director at Fitch and one of the authors of new research note published by the ratings agency.
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