The US Department of Labor (“DOL”) recently submitted its final fiduciary rule to the Office of Management and Budget (“OMB”) for clearance, one of the last steps required to implement the controversial proposal. Under the proposed rule, financial advisers of retirement accounts would owe investors a fiduciary duty and must put their clients’ best interest first; the final rule likely will be similar. With the measure likely to be implemented, Norton Rose Fulbright attorneys Steve Dollar, Ron Smith, Kyle Schindler, and Claire Seitzman analyze key points of the proposed rule, including the DOL’s rationale and opposition to the rule; and discuss the specific, demonstrated industry impact already felt as firms discuss the measures they are taking to prepare for the rule.