If the Labor Department's fiduciary rule is finalized later this month, not a lot may change on day one.  But a period of widespread innovation of products and platforms may soon follow, as firms will be compelled to comply with new rules governing retirement advice, according to Cerulli Associates.

Bing Waldert, managing director, says the research firm "expects there will be unexpected changes to the retirement and wealth management industries, and, to a degree, this cultural evolution is what the proposed rule is hoping to effect."

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