He is absolutely right that low-balance account holders will be cut off from advice because it is not worth it to the advisor. We can debate all night long whether that is good or bad, but it is the practical outcome of the DOL fiduciary rule.
Vanguard's new offering charges 0.3%, gives you a fiduciary, and the minimum is $50k. There was a topic about it awhile back.
If you have less than 50k a Target Retirement fund is probably all you need anyway. Minimum is $1,000.
If you don't even have $1,000 you should probably start a savings account.
The idea that the little guy will get screwed is 100% propaganda by the companies like Lynch that have something to lose. The rule says advisors have to act in their client's best interests. When a company says they can't do that on small accounts... read between the lines... they are telling you that they are currently NOT acting in their client's best interests in small accounts.
There is truth in the fact that an advisor can't really make money going in and rebalancing a $5,000 account on a regular basis while also having annual check in appointments, etc. These are the types of things you normally get with a managed account. You probably don't need these things if you have a small account. You probably need someone to point you in the right direction of where you should start saving money. Imagine an advisor charged a flat $100 to talk to someone for an hour, and then say open a Roth, put $5,500 in it every year, and use a 2050 low cost target retirement fund. Sure you could probably spend some time on forums like this one, or just call the average phone rep at Vanguard, Schwab, or Fidelity and get the same information. However, for the people who want to use that local face to face advisor I don't think regulators would be calling foul to charging a flat $100 for that. Instead, you have advisors putting those same people in expensive loaded funds(5% up front) with 12b-1 fees(trailing fees to the advisor), and then never talking to them again. I use to know an Edward Jones advisor with over 2000 clients. Maybe the top 100 client get annual reviews. Most of them were sold a loaded fund and then never spoken to ever again.