As stakeholders set upon Washington this week for four days of exhaustive hearings on the Department of Labor's proposed fiduciary rule, several more Democrats raised formal concerns over the regulation's potential for unintended consequences.

In a letter to Labor Secretary Thomas Perez, Sen. Claire McCaskill (D-Mo.) applauded the department's efforts to create a universal best interest standard, but said there are still risks in the proposal.

As proposed, the rule would force most investors from a commission-based brokerage model to a fee-based advisory model, a more expensive option, McCaskill wrote, "and quite possibly unaffordable for holders of small accounts."

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.