A new rule regulating fiduciary investment advice won't necessarily affect the way large 401(k) providers do business, but it will give many smaller companies the opportunity to bundle investment advice as part of their 401(k) and IRA plans.

The regulation, which was finalized by the U.S. Department of Labor's Employee Benefits Security Administration this week, will allow fiduciary investment advisors to receive compensation from investment vehicles they recommend if the investment they provide is based on a computer model that is certified as unbiased and applies generally to accepted investment theories, or the advisor is compensated on a "level-fee" basis, meaning the fee doesn't vary based on the investments a participant selects.

"Clearly we welcome these regulations from the Department of Labor," said Dave Gray, vice president of client experience and 401(k) business for Charles Schwab. "We have been longstanding proponents of advice dating back to 2003. We have been advocates of plan sponsors adopting and utilizing advice. The bottom line is that advice works and has a very positive impact on the retirement security of workers."