So much for the fiduciary rule—a signature achievement of the Obama administration that is designed to eliminate conflicts of interest in the brokerage industry and help investors achieve higher returns. The incoming Trump administration is almost certain to scuttle the rule as part of its war on regulation. But even if the rule is killed, its mere injection into the public’s consciousness will still likely turn out to be a plus for investors.
President Obama’s Department of Labor issued the rule. It would require all financial firms to act as fiduciaries when providing products and services for clients’ retirement accounts. Fiduciaries must treat each client’s account with the same care and judgment as they would treat their own investments.
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