u.s. department labor plan announce wednesday rule require financial advisers broke act best interest retirement clients provide investment advice agency first propose new rule 2010 withdraw 2011 widespread criticism financial industry officials lawmakers modify version present 2015 also meet criticism key provision final rule accord white house fact sheet provide tuesday financial broke must act clients best interest give retirement investment advice tough previous standard ensure products suitable clients firm must ban financial incentives advisers act client best interest firm must disclose compensation arrangements webpage make sure customers aware right fee information rule allow firm advisers continue receive common form compensation offer investment advice retail customers small-plan sponsor rule also limit type assets invest firm allow sell insurance products like variable index annuities best interest rule rule clarify treatment small businesses sponsor 401 plan allow broke sell products service rule allow firm advisers recommend proprietary products education include definition retirement investment advice allow advisers offer basic information without act fiduciaries rule financial advisers may communicate potential clients sign contract firm must eventually tell new clients write act best interest advice give contract sign must cover contract meet best interest standard give firm time adapt change rule implement phase full compliance require jan. 2018. factbox department labor retirement 'fiduciary rule