"The industry will endeavor to undertake what its regulators task it to do, but that doesn't mean the rule is without flaws (it isn't), or that the implementation timeline wasn't realistic (it wasn't), or that the implementation timetable demanded by the rule won't have consequences (it will).... The industry has publicly and robustly supported a best interest standard for brokers and dealers who provide personalized investment advice. We believe that when providing advice, regardless in what type of account, it should be in the client's best interest.... The DOL is not the agency to accomplish this task, and its rule will result in less choice for investors[.]"

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