Most of the impact of a Labor Department regulation to raise investment advice standards for retirement accounts hits brokers, but investment advisers also have to comply with the measure — a point that was emphasized in agency guidance this week about the rule.

In a 24-page document that covered 34 questions released Thursday, the agency answered some of the most frequent queries they're getting about the rule, which requires advisers to 401(k) plans, individual retirement accounts and other qualified accounts to act in the best interests of their clients.

Seven of the questions focus on “level-fee fiduciaries.” Read More