Conversations with advisers about investment fees will become more open and transparent as a result of the new rule, too. You might be asking: Isn’t that how it should work? Yes, but remember, the Wall Street brokerage model was never intended to be transparent.

Brokers will no longer have the option of pushing investments that pay fat commissions rather than lower-cost alternatives that better serve clients.

Click here to read more on about Reforming How Financial Advisers Get Paid.