The Department of Labor's proposed fiduciary rule will cost the financial services industry and investors $3.9 billion in startup costs, according to a new study published by the Financial Services Institute.
That projection is almost 20 times as much as the DOL estimated in its own cost analysis of the rule.
FSI's analysis, produced in conjunction with Oxford Economics, a consultancy, does not attempt to factor the potential cost to investors if the rule causes them to lose access to advice, or the ongoing costs financial services firms will incur complying with the rule.
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