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The Labor Department finalized details on Wednesday that would mandate that the advice financial advisors give their clients needs to be in their best interest, potentially reducing sales fees and commissions. The rule came about due to a White House Council of Economic Advisers study that found that advice given to consumers resulting from conflicts of interests on behalf of their financial advisors resulted in losses of $17 billion. Under the new fiduciary rule, advisors can no longer only recommend a “suitable” investment (which may result in a sizable commission for the broker); they must recommend an investment that suits the client’s best interests. Critics of the rule argue that the rule will raise regulatory and liability costs, making it difficult for advisors who work on commission with small investors. Supporters say that argument is exactly why the rule was needed, that hidden fees and large commissions aren’t necessary to offer a low-income investor the best benefits.