"Assets will flow unimpeded to IRAs from 401(k) plans for two very different kinds of reasons, says Bing Waldert, managing director of Cerulli.... [T]he final DOL rule was watered down over the course of its protracted comment period to make it possible for a broker to have a client sign away protections by means of an exemption to the best interest contract. In other words, brokers are accustomed to saying: 'If you don't mind initialing this: It just says we're doing the best we can for you. I have a better pen if you need one.' ... Investors are unlikely to register that change amid the barrage of paper they are wading through[.]"

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