Financial advisors who have nervously waited for years for the Department of Labor to come out with a fiduciary rule will have to wait again, this time for a number of weeks, to find out what it could mean for the way they do business.

Industry experts are understandably taking their time to wade through 120 pages of the proposed rule, released Tuesday, and an accompanying 250 pages of analysis by DOL on the potential impact of proposed regulations issued Tuesday requiring advisors to pension funds and participants to put their clients’ interests first.

Skim reading a 370-page novels holds no dangers. But breezing through the same volume of legalese could risk missing a word or the combination of a couple of words that could cost individual advisors and their companies big if the regulations are put in place.

Which, to add to the frustration and waiting, may or may not happen.

Not surprisingly, the Investment Company Institute, the largest mutual fund industry trade group, begged off giving a detailed analysis less than 24 hours after the texts were made public.

ICI spokesperson Rachel McTague said the group will take its time before giving a response. The work before coming out with a perspective on the regulations involves conferring with members as well as taking a word-by-word look at the proposal.

One of the few people who outside of DOL who likely saw the text before Tuesday, Securities and Exchange Commission Chair Mary Jo White, refused to give her opinion of it Wednesday.

However, she told a Congressional committee that the Labor Department was responsive to suggestions her staff made on the rule.

Former National Association of Personal Financial Advisors board member Ron Rhoades, who assured he had read the document, said he is worried the rule would allow brokers and insurance agents to continue to receive additional compensation from revenue sharing.

“The requirements imposed which must be met for firms to receive this additional compensation would appear to be easily circumvented, unless the DOL adopts a rigorous and strict inspection regime,” Rhoades said.

Advisor Ric Edelman opined he is underwhelmed.

The Labor Department is officially giving the public about 75 days to comment on the proposal. But the agency almost always accepts submissions after the formal deadline.