The Department of Labor (DOL) will propose a new fiduciary rule in December, which will set off another battle with Wall Street and probably lead to millions more in legal fees for broker-dealers to conform.

This time, the DOL will try to have the new fiduciary rule hug the fiduciary rule that the Securities and Exchange Commission is expected to propose during the summer.

This is the third time that the DOL has proposed to change the fiduciary rule and hopefully, the third time will be the charm.