Amid sharp criticism that some industry groups have lobbed at the Department of Labor's fiduciary proposal, officials with the agency insist that they are open to substantive changes to make the final rules more workable for brokers and advisors.

Timothy Hauser, a deputy assistant secretary at the DoL, said Thursday that the fiduciary rules are necessary to protect investors planning for retirement from conflicted advice, though he insisted that his team will carefully review the comments submitted and revise the proposal before enacting any regulation.

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