By some estimates, the recent delay of the hotly debated investor protection rule is costing investors billions in unnecessary fees. That's money that could be much better spent.
The "fiduciary rule," as it's also known, would require financial advisors to work in your best interest when handling your retirement money. Because of the delay in implementing the Department of Labor regulation, some advisers can continue to steer clients into products that may have higher fees and lower returns.
Those conflicts-of-interest cost American families an estimated $17 billion a year, according to a 2015 analysis by former President Barack Obama's Council of Economic Advisers — about equal to all of Wall Street's profits for 2016.
On the flipside, advocates for the financial services business, like the Investment Company Institute, which represents the mutual fund industry, cheered the postponement. Paul Schott Stevens, president of the ICI, said in a written statement that "additional time is critically needed" before the rule takes effect.
Here's what those sums look like in terms we can all relate to.