Asset management industry critics of the Department of Labor's fiduciary initiative issued a torrent of comments blasting the proposed regulation as costly, unworkable and harmful to low- and middle-income investors.

BlackRock asserted that instead of protecting investors, the proposal props up index funds at the expense of other investment products; Vanguard warned that if the DoL "defines investment advice too broadly, the attendant costs of a fiduciary level of service are likely to result in increased costs to retirement investors for basic investment counseling, or even the termination of important investor services."

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