Brokers aren’t the only ones who should be concerned about the Department of Labor’s fiduciary proposal, according to a brokerage industry trade group. The Financial Services Institute reiterated Tuesday that imposing a fiduciary mandate on advisors to retirement accounts would be a costly and complex burden for all advisors, regardless of business model.

“The proposal applies to both broker/dealer advisors and advisors of investment advisory firms,” David Bellaire, FSI’s executive vice president and general counsel, said in a call with press on Tuesday. If advisors working at either a b/d or an RIA provide conflicted advice or differential compensation, they would be required to comply with the procedures to disclose those exemptions.

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