It's official: President Trump is delaying the U.S. Department of Labor's planned fiduciary rule. Originally slated to begin implementation on April 10 and expected to have affected more than $3 trillion of retirement assets in the United States, the rule — crafted under the former Obama administration — would have required financial advisors and brokers to act in the best interests of their clients when dealing with retirement accounts.
That regulation would have affected investors' retirement accounts and the relationships they share with their advisors. It wouldn't have affected non-retirement accounts.
It's traditional for incoming presidents from opposing political parties to try to undo what their predecessors did in office and Trump has been no exception. To that point, one of Trump's top Wall Street supporters, Anthony Scaramucci, managing partner of SkyBridge Capital, promised throughout the 2016 campaign that Trump would rip up a Labor Department investment advice rule once he took office.