(Bloomberg Gadfly) -- Every financial adviser in the country has been debating the Department of Labor's new fiduciary rule, arguing about whether or not it's really good for investors. For my part, I’m on the record here and here saying that the rule -- which requires brokers who work with retirement accounts to put their clients’ financial interests ahead of their own -- is a boon for investors.

One of the largest brokerages in the world, Merrill Lynch, has also thrown its immense weight behind the shift. It has introduced sweeping changes to its retirement accounts in response to the fiduciary rule, giving its investors myriad new choices about how to invest retirement savings and deciding how much to pay for advice.

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