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Study: Implementing fiduciary rule will cost industry $4.7B

Implementing the changes required by the Department of Labor's fiduciary rule will cost the brokerage industry over $4.7 billion, according to a Deloitte & Touche study commissioned by SIFMA. Firms have also cut down on the number of products they offer, with two-thirds of those surveyed cutting their mutual fund offerings and a quarter eliminating no-load funds and directly held funds. Read SIFMA's release.

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