Mr. Berlau said the regulations will create a "guidance gap" by deterring companies from serving middle-class investors, and he estimated the result could cost $80 billion in lost savings annually.
Obama imposes more regulations on financial advisers →
Mr. Berlau notes that the CFPB is outraged because that $16 fee when annualized for a year is high.
DANIEL HOROWITZ: A blow against protection of consumers →
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