Although it hasn't been written yet, all signs suggest that when the Department of Labor adopts its new fiduciary rule, it will have a major impact on insurance agents and stock brokers, as well as their clients who in some cases may no longer be able to afford professional financial advice. "We know that the small investors who make up 98 percent of all IRA investors will simply not be able to afford the fees required under a fiduciary account," said Lee Covington, senior vice president and general counsel for the Insured Retirement Institute. "They like working with their advisor on a commission basis and would have to move to a no-frills, no-education, no-assistance type of account."

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