They hold twice as much cash as boomers and only 29% are happy with their portfolios
CEO James Gorman says DOL's fiduciary rule isn't "the be-all and end-all" for the bank's brokerage business.
Move to Merill Lynch One platform will blunt regulation's impact.
He provided fake information about their investment holdings to hide his scheme.
51% of advisers say the rule will help their businesses, an improvement from 2015 when only 27% saw the regulation helping.
Lobbying group talks about priorities at private client conference in New York.
Three GOP senators co-sponsor a resolution to kill the regulation, though it's seen as symbolic, as President Obama would surely veto the measure if it passed.
A professor formed an initiative to define the term and help advisers understand the DOL's fiduciary rule.
Brokers may continue selling higher-cost proprietary products if they meet certain conditions.
