As industry executives strategize on how to best meet the requirements of the fiduciary rule, Edward Jones jumped out of the gate first, unveiling details on how its 14,000 advisers will comply with the new regulation.

Among other changes, the St. Louis-based brokerage firm will create a transaction-based IRA using the rule's best interest contract exemption. The IRA will exclude ETFs, UITs and mutual funds, according to a company spokesman.

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