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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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.