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The DOL is working to issue a final fiduciary rule by May 2016, while industry experts wonder about the effect of Elizabeth Warren's letter on the DOL rulemaking.

Consumer groups and unions want to have the fiduciary standard applied to advisors who make retirement plan recommendations.

In proposing its own universal fiduciary standard, SIFMA says that a DOL proposal would lead to investor confusion.

DOLs proposal would limit the exemption to the sale of insurance contracts that are not securities under securities law.

The Department of Labors proposed conflict of interest rule is not the appropriate way to create a uniform standard of care for advisors to retirement investors, according to Robert Ketchum, CEO of the Financial Industry Regulatory Authority.

Its just business as usual for those who have been paying attention to their fiduciary duty all along.

RIAs advising 401(k) plans that dont have broker-dealer affiliations or revenue relationships with proprietary investment products will likely feel little impact from the Department of Labors proposed fiduciary rule.

The average IRA balance rose to $119,804 in 2013, an increase of 30.4 percent from 2010, and 14.1 percent from 2012, according to new data from the Employee Benefit Research Institute.