Financial services industry groups are ready and willing to help the Labor Department do a formal study of the potential impact of a redefinition of fiduciary responsibility, according to a new letter several trade organizations wrote to the department.

In the joint letter, representatives from the Financial Services Institute, the Financial Services Roundtable, the Securities Industry and Financial Markets Association and the American Council of Life Insurers thanked the Labor Department for asking the groups for help in developing a regulatory impact analysis of a proposed change to the way the department has long defined the term fiduciary.

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