Trump Aims to Repeal Law Meant to Protect Retirement Savings

President Trump is likely to repeal a landmark retirement-savings rule that was slated to go into effect in April 2017. Crafted by the Obama administration, the Fiduciary Rule, as it is known, would require financial advisors to have fiduciary responsibility for their client’s retirement accounts. In other words: Financial advisors would be pledged to act in clients’ best interests when selecting and recommending investment options.

The law would not require the same fiduciary responsibility for non-retirement accounts. Just the same, it would be a wonderful first step on clients’ behalf, as retirement savings represent the lion’s share of many Americans’ total investments. Sadly, it now appears that this vital consumer-protection measure will never be implemented.

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