Yes, new laws will cause financial advising to be out of reach for low-income clients. In fact, financial advising is out of reach for low-income clients now. The only people that low-income people can go to for financial advising work at a church or with a government run organization. Financial advising s a luxury of the middle and upper class.
The Republicans and the Chamber of Commerce are totally correct. This law will mean that many low-income people cannot have access to financial advising, thus effectively increasing the already huge gap between the rich and the poor in this country. Laws like this one seem to be designed to make the rich richer while everybody else suffers.
I believe that the Republicans are correct that the law will cause lower income clients to not get the financial advice that they need if it passes. Everyone deserves access to professional, accurate information about their finances, not just those who have millions of dollars to invest in stocks and bonds.
The Labor Department issued the fiduciary rule in April, requiring financial advisers to act in the best interest of their clients who are saving for retirement, but Republicans argue it could force financial advisers to raise their prices, shutting out lower-income workers. While the attempt to overturn the rule in Congress has now failed, the Obama administration must still fend off a lawsuit against the fiduciary rule filed by the U.S. Chamber of Commerce and several other business groups. This law doesn't affect low-income clients as they already typically couldn't afford financial advisors. This middle class, however is greatly affected.