While supporters of the DOL’s fiduciary rule sang its praises Wednesday as the department unveiled the final version of its controversial plan, some in the brokerage industry had a decidedly frosty response.

“As we have said since day one, there is no compelling evidence this rule is necessary to achieve a uniform fiduciary standard, and DOL’s own analysis fails to make the case,” said Financial Services Institute (FSI) CEO Dale Brown in a statement.

“We will spend the coming days thoroughly analyzing this rule to determine if it protects Main Street investors by preserving their access to affordable, objective financial advice,” Brown said.

FSI spokesman Chris Paulitz said it would take the organization another week or so to analyze and respond to the final rule.

Likewise, the Securities Industry and Financial Markets Association said it would need time to review the rule and determine its impact.

“As with the prior proposal, this final rule is voluminous and every word matters,” said Kenneth Bentsen, SIFMA’s CEO, in a statement.

“We remain concerned that the DOL's rule could force significant changes to current relationships, which may leave clients without the help they need to prepare for retirement,” Bentsen said.

Separately, the Equity Dealers of America called for congressional action to stop the DOL’s effort.

“We believe it’s time for Congress to use the Congressional Review Act to subject DOL’s fiduciary rule to congressional scrutiny,” said Chris Iacovella, executive director of the Equity Dealers of America, in a statement.

The Congressional Review Act is a 1996 law that allows Congress to pass resolutions to overturn new federal regulations.

Such a resolution would need a two-thirds majority to overcome a certain veto by president Obama, who has strongly supported the DOL rule.

“Many people on both sides of the aisle have said they’re interested in looking at this option,” Iacovella said in an interview.

While the DOL made some welcome changes in response to industry concerns, clients in different types of accounts will still have to be treated differently, Iacovella added.

“That makes this [rule] a compliance nightmare,” he said.

Not all B-Ds were negative on the DOL’s final rule, however.

The department eliminated a proposed prohibited-product list for IRAs (including non-traded REITs and options), and streamlined disclosure requirements and the best-interests contract that allows commissioned products in retirement accounts. The DOL also extended the implementation period to 12 months from eight months.

“It does appear that all investments can be [used], as long as provisions of the [best-interests contract] are met, and it looks like they have made meaningful changes to fee and compensation disclosures,” said Doug Baxley, assistant vice president of compliance at Securities Service Network.

In a statement, LPL Financial said it was “pleased by what appears to be positive changes implemented in the rule,” noting the increased time for implementation, easier terms on using the contract with existing clients, and freedom to recommend any product.

Cindy Schaus, spokeswoman for Cambridge Investment Research, said the company was appreciative of the apparent compromise on the implementation schedule.
The modifications “indicate the DOL has considered some of the industry’s concerns,” agreed Adam Antoniades, president of Cetera Financial Group, in a statement.

“However, we will be studying the newly released details of the final rule” to determine the firm’s response, he said.

This story has been updated with comments by Chris Iacovella.