As the Labor Department's fiduciary proposal moves from the drawing board to the rulebook, advisers need to start preparing themselves for one of the biggest regulatory changes in years, experts say.

"For everyone in the industry, even if you are fee only, then this rule is going to affect your business in some way," Bonnie Treichel, an attorney at Retirement Law Group, told attendees at IMCA's Investment Consultants Conference.

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