The Department of Labor’s proposed fiduciary rule will affect about $3 trillion of retirement assets and $19 billion of revenue in the financial services industry, according to analysis from Morningstar.
Morningstar’s report suggests that previous government and industry cost analyses of the rule are low.
Those estimates are focused on the expense of implementing the rule, writes Stephen Ellis, director of financial services equity research at Morningstar.
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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.
