washington new u.s. rule aim protect retirement savers profit-hungry broke turn much weak initial proposal obama administration bow pressure financial service industry rule announce department labor wednesday set so-called fiduciary standard financial broke sell retirement products require put clients best interest ahead bottom line language tough exist rule require broke ensure products suitable however labor department compromise industry range provision unlike draft proposal final rule restrict broke push proprietary products split revenue creators fund promote recommend risky high-fee investments alternative assets certain annuities broke also get time implement change say costly difficult rule take full effect jan. 2018 compare eight-month compliance deadline labor department initial proposal nonetheless broke cover fiduciary standard say massachusetts senator elizabeth warren consumer advocate help shine national spotlight proposal last year doubt risk warren democrat say interview hand department labor look put proprietary products business warren say goal make sure adequate regulation say warren add believe democratic presidential front-runner hillary clinton issue statement support new rule say stop wall street rip families save seniors billions however knut rostad investor advocate chair institute fiduciary standard say disappoint final rule tough call major defeat investors period lead republican lawmakers also express continue opposition rule say would prevent low- middle-income americans save retirement get access advice several major brokerage firm say need time review implications generally support idea best interest rule industry trade group reiterate concern rule could negative effect several wall street analysts cover brokerages insurers mutual fund company affect rule say turn much less onerous initially fear share brokerage mutual fund life insurance company show little reaction news labor department meaningfully soften rule morgan stanley insurance analysts say characterize good news company impact wednesday announcement cap fierce six-year battle involve labor department wall street many u.s. lawmakers department receive 3,000 letter rule take part 100 meet first issue proposal 2010 rescind follow year response enormous industry backlash second proposal issue last year also face criticism firm say rule would raise compliance cost therefore fee force get rid main street clients small businesses offer 401 plan labor department say comply rule would cost brokerage industry 31.5 billion next decade produce even big gain investors lawmakers say labor department hold u.s. securities exchange commission finalize fiduciary rule craft years sec commissioner michael piwowar express opposition final rule wednesday president barack obama make new fiduciary rule priority administration speech aarp headquarter last year say wall street broke bilk retire billions dollars save hide fee intend ensure industry put clients interest first expect retirement advisers act clients best interest sound like pretty obvious pretty obviously right thing jeff zients director white house national economic council say call reporters although final rule include best-interest provision make plenty concessions example draft list type assets advisers could recommend steer retail investors away certain high-risk products final version eliminate list mostly response financial industry concern labor department say brokerages lawmakers also concern early requirement broke sign contract clients initial meet document include investment projections fee disclosures detail information contract require final rule short paragraph sign late tuck paperwork customers sign open new account labor secretary thomas perez say final version also loosen guidelines pay allow advisers collect common type compensation commission revenue-sharing brokerages receive payments mutual-fund company help promote products u.s. weaken retirement advice rule respond industry