"First, neither the Impact Analysis nor the studies it cites measure the key factor: is an investor's performance different when the adviser is a fiduciary versus when the adviser is not? Second, the studies that the Analysis cites do not reflect current market conditions. Third, the Impact Analysis misapplies the numerical results of a key study, leading to a vast overstatement of potential benefits. Fourth, the Analysis fails to consider readily available data that contradict its claims about broker-sold funds. And fifth, the Impact Analysis fails to consider that some investors, particularly those of modest means, may face increased costs if the proposed rule forces them to migrate to fee-based accounts -- or to go without financial advice altogether."