About two dozen associations with a stake in how Americans save for retirement will be focused this week on public hearings at the U.S. Department of Labor. The groups all have representatives on one or more of the 25 panels—spread out over four days—to criticize or applaud a proposed fiduciary rule.

The proposal would require retirement investment advisors to act in their clients' best interest. But the devil is in the details, and groups found much to disagree about.

Among the first to face-off Monday, though on separate panels: The Certified Financial Planners Board of Standards and the Securities Industry and Financial Markets Association.

"We believe that the re-proposed rule can work for advisors," said Marilyn Mohrman-Gillis, managing director of public policy and communications at the CFP Board, according to a story in the online news site On Wall Street. http://bit.ly/1EjTKFg

She said a fiduciary framework that CFP Board developed in 2007—also opposed by the industry—is used by CFP professionals today, even those who receive commissions for their advice rather than a set fee.

But SIFMA CEO Ken Bentsen objected to regulations coming from the Department of Labor that would apply only to retirement savings, rather than a uniform standard that would cover all clients of brokers and financial advisors.

"The bifurcation of standards will create confusion for both investors and providers who must comply. We believe the rule as drafted will reduce choice and increase cost, and individual savers will have a more complex and confusing landscape," Bentsen said in the On Wall Street story.

Monday's panels included representatives from AARP, Insured Retirement Institute, Investment Company Institute and Financial Services Roundtable. Panelists Tuesday, Wednesday and Thursday will include representatives from the American Council of Life Insurers, U.S. Chamber of Commerce, American Bankers Association and American Benefits Council.

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