This is a big issue for my company ((xxxxxxxx) as we sell lots of proprietary products. Internal estimates are $50-100M to comply. And now it seems it may affect advice givers, maybe even you?
How Fiduciary Rule May Censor Financial Broadcasters Like Dave Ramsey - Forbes http://www.forbes.com/sites/johnberlau/2016/03/04/how-fiduciary-rule-may-censor-financial-broadcasters-like-dave-ramsey/
It's typical expansion of government. It's the government ruling in favor of one powerful group (in this case fee-based advisors) against the general public.
I can tell you horror story after horror story of how various regulations created "to help individual investors" have actually hindered investors to the advantage of insiders.
Remember, fee-based advisers take fees, even if money sits in very liquid investments such as Treasury securities, where a commission that you would have to pay on such an investment would be negligible.
The best solution is to just let the free markets sort out the various options and allow people to choose. Free choice what a concept! But when you have central power, in this case in the form of the Department of Labor, the bad guys will figure out ways to get to that power and coax the power to create regulations in their favor.
The regulation is totally evil and is another example of how the establishment continues to suffocate free market capitalism.