washington/new york obama administration release long-awaited proposal retirement advice wednesday accord person familiar matter event center american progress think tank u.s. government unveil propose rule require broke provide retirement advice follow fiduciary standard put clients interest proposal aim end potential conflict interest broke advise individual retirement account protect consumers buy unnecessary investment products require 2010 dodd-frank wall street reform law rule follow tortuous path toward fruition financial company lawmakers worry rule requirements could drive cost keep middle- low-income people able afford retirement service labor department regulate retirement plan advice withdraw initial proposal 2011 criticism financial service insurance industries leaders political party new version propose year ago nudge president barack obama discussions industry lawmakers consider block fund need standard january labor department finish work rule send white house office management budget review even though text release washington wall street prepare possible fight late version last month u.s. chamber commerce say prepare sue federal government find rule unworkable dol prudent go try make rule litigation-proof opponents sue court say scott puritz manage director retirement service firm rebalance ira despite publicly oppose rule many money managers privately prepare release several months firm include lpl financial hold cut fee reduce amount clients hold brokerage account preparation rule advice give broker-dealers advisers get front rule explain clients rule sound defensive say john anderson work financial advisers sei advisor network part sei investments co .. labor department center american progress respond request comment u.s. unveil retirement advice rule next week source