Other characteristics that are shared due to the common methodology include: (1) The estimates encompass both transfers and changes in society's real resources (the latter being benefits in the context of the 2016 RIA but costs in this RIA because gains are forgone); (2) the estimates have a tendency toward overestimation in that they reflect an assumption that the April 2016 Fiduciary Rule will eliminate (rather than just reduce) underperformance associated with the practice of incentivizing broker recommendations through variable front - end -
load sharing; and (3) the estimates have a tendency toward underestimation in that they
represented only one negative effect (poor
mutual fund selection) of one source of conflict (
load sharing), in one market segment (IRA investments in front -
load mutual funds).