The brokerage industry is concerned that they will not be able to earn enough under the proposed rule. As the consistently cogent reporting of Megan McArdle points out, this may be the best evidence for the change in the rules.
On the other hand, when I hear that brokers won’t be able to service small clients any more, my basic reaction is "Good." Essentially, brokers are arguing that they can’t afford to give you honest advice; their livelihood depends on being able to steer you into investment vehicles that pay them kickbacks. Sorry, commissions and referral fees. And where do the fees come from? Why, your pocket, ultimately; there’s a reason your broker has to be paid to tell you that this is a good idea. This sort of free advice you can’t afford.