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DoL Fiduciary Standard Could Cost Industry Billions of Dollars
The proposed Department of Labor fiduciary standard could cost the financial industry in excessive of $2.4 billion in lost transaction revenues, which is more than double most estimates, says Morningstar Analyst Stephen Ellis. So reports ThinkAdvisor.
The rule could also steer business to robo-advisors as full-service firms will be likely to jettison smaller accounts.
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