(Bloomberg) -- Wall Street is wasting no time revving up its lobbying machine now that President Barack Obama has said his administration soon will propose a rule to require brokers to act as fiduciaries when advising clients on their retirement savings. 

Asking brokers to put clients' interests ahead of their own seems like a good idea, yet industry trade groups argue the rule will make investment advice and retirement planning too expensive for low- to middle-income families. If that happened, the argument goes, those families would save less for retirement and, down the road, could be a burden on taxpayers. 

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