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Industry professionals told of fiduciary rule ramifications they've seen in the marketplace since June 9. (Photo: Mike Scarcella/ALM)

Some financial service firms are “freely acknowledging” they stand to make more money servicing fewer clients as a result of the Labor Department’s fiduciary rule, which is expected to result in more retirement investors being moved to fee-based advisory accounts from commission-based brokerage accounts.

Nick Thornton

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