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The DOL's Phyllis Borzi has spent four years pushing for brokers to be held to a legal standard that they must act in a client’s best interest, an obligation known as a fiduciary duty. Photo: AP

SAN ANTONIO, Texas – Unintended consequences.

That’s what’s keeping broker-dealers awake at night as they consider the implications of new regulations that would require them to live up to the higher fiduciary standards under consideration by the Department of Labor.

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