"The study estimates the DOL's proposed rule will cost the independent financial services industry and investors nearly $3.9 billion in total startup costs to implement the rule -- nearly 20 times DOL's preferred cost estimate. This amount does not take into account the cost of investors' lost access to advice or the ongoing costs of maintaining compliance with the rule.... The proposed rule will result in estimated startup costs ranging from $1.1 million to $16.3 million per firm, depending on firm size.... The proposed rule will result in industry consolidation likely to force small broker-dealers out of business." [Also available: an executive summary (6 pages) and the full text of the study (39 pages).]