Implementing the U.S. Department of Labor’s proposed fiduciary standard on retirement accounts will hit the financial services industry harder than many believe and reduce annual revenues by $2.4 billion, or more than twice some current estimates, according to new research, InvestmentNews reported. The department’s proposed conflict-of-interest rule “could drastically alter the profits and business models of investment product manufacturers like BlackRock and wealth management firms like Morgan Stanley that serve retirement accounts,” according to Stephen Ellis, director of financial service equity research at Morningstar Inc.