"As with the making of any rule, a thorough cost-benefit analysis should be a critical part of the process. In terms of cost, it is clear that the original [DOL fiduciary] proposal would have denied millions of Americans access to affordable retirement advice and services. By contrast, the intended benefit of the proposal remains tenuous at best. The DOL has characterized the proposal as a 'conflict of interest' rule to protect retirement plan participants and IRA owners from unscrupulous advisors who act in their own self-interest. However, recent research by IRI revealed that conflicts of interest are not a significant concern for American investors and that an overwhelming majority of people are highly satisfied with their relationship with their advisor."

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