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New Fiduciary Rule: Winners and Losers

Discount brokerages and index and exchange-traded fund providers may benefit from the new rule, while certain alternative asset managers may be challenged, says Morningstar's Michael Wong.

Michael Wong: The Department of Labor is currently considering revisions to its proposed conflict-of-interest or fiduciary rule after a series of public-comment periods and hearings. Many expect the DOL to publish its new rule by spring of next year. There are three big-picture elements within the proposed rule that we believe people should keep in mind. 

1) The DOL rule affects advised retirement accounts, such as IRAs, by requiring financial advisors under a suitability standard to move toward a fiduciary standard.