After riding a populist wave to the White House, President Donald Trump has awarded a major victory to the financial product sales machine at the expense of individual investors by "delaying" the implementation of a Department of Labor ruling requiring that brokers and financial advisors act in the best interest of the clients when providing retirement advice.
President Trump last week issued a presidential memorandum that instructed the Department of Labor to undertake an economic and legal review of the fiduciary rule to see if it determines there are any conflicts with the administration's regulatory principles.
The retirement-savings rule, which has faced a great deal of scrutiny and survived, has been years in the making.
The Department of Labor fiduciary rule has been opposed by many of the companies expected to see meaningfully reduced profits if they're required to put their clients' interest ahead of their own. The chief mouthpiece of the anti-fiduciary movement has been hedge fund manager Anthony Scaramucci, who a few months ago offered an interesting perspective on the Department of Labor requirement.