Registered investment advisers may not be the primary target of the Department of Labor's controversial fiduciary regulation, but the new rules can be expected to have a broader impact on the industry than many firms anticipate, advisers and compliance experts caution.

“I believe the change will be greater than expected for RIAs,” says Ryan Borer, founding partner and chief executive of Fusion Capital Management, a Coppell, Texas-based advisory firm.

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