“Most financial advisors I know don’t really care about the Department of Labor rule ... because they were already conducting business that way before the rule was adopted.”
Good. Then the rule should have no additional impact on them.
Obviously, the rule is most needed for the bad apples.
Why would you assume that? The cost of compliance for many of these stupid rules is enormous.
A number of financial advisors I know have gotten out of the business completely ... not because they're "bad apples," but because they couldn't be bothered dealing with the regulations anymore. How does it serve the customer's interests if their options for finding a financial advisor are shrinking?