The U.S. Labor Department's investigation of Matthew Hutcheson, an outspoken advocate for a fiduciary responsibility for retirement-plan advisers, could scare away small businesses that would otherwise open plans or seek professional advice, some industry experts say. "We don't want small businesses to lose confidence in the system, and it's cases like this that can have that kind of effect," said Brian Graff, executive director of the American Society of Pension Professionals and Actuaries.

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