“Instead of helping savers plan for retirement, the new rule will unfortunately restrict their access to affordable retirement advice and limit their options for saving. The rule will shackle Main Street financial advisors with extensive new requirements and constant liability, forcing them to limit the options and guidance they provide to retirement savers," said the statement. 

Secretary of Labor Thomas E. Perez, in a statement of his own, was untroubled by these assertions, saying that the objections only come from a small, vocal minority that "support a status quo that enables them to put their own interests first." 

“Conflicted advice is eroding the savings of working Americans to the tune of $17 billion each year. The Conflict of Interest rule aims to address that problem by requiring retirement advisors to look out for the best interests of their clients. Many financial services professionals, from small town advisers to some of the nation’s largest firms, engaged constructively with the department throughout the rulemaking process and, after publication of the final rule, noted that they do put the interests of their clients first and are well positioned to comply. They recognize that putting their customers first is good for business," said Perez. 

These thoughts were echoed by Kathleen M. McBridge, Chair of The Committee for the Fiduciary Standard, an investor group that advocates for the advancement of the authentic fiduciary standard in both business practices and financial reform. 

"Investors left with 50 percent of their retirement nest egg cannot retire with dignity and financial security. The DOL Fiduciary Rule is enormously beneficial to millions of Americans who work and sacrifice to save for their own retirement. As a nation, we ought to be encouraging retirement security and the best outcomes for hard-working retirement investors, not allowing broker-dealers and insurance companies to systemically fleece them," she said.