Dive Brief:

• President Donald Trump signed an executive order that signals the Labor Department to "halt work" on the fiduciary rule, originally set to go into place April 10. Under this order, the rule must be delayed and "reviewed."
• The rule was intended to protect retirees from inappropriately high fees or high-risk investments that benefit banks and brokers rather than clients. Opponents to the rule say that it is "deeply flawed" and will reduce choice in the industry.
• Employee Benefit News reports that many financial firms and brokerages are planning to move ahead on compliance with the rule anyway as part of a "best-interest standard."

Dive Insight:

Trump continues to follow through with his promises to deregulate and strip back a multitude of rules installed by the Obama administration. Now that the delay is official, those responsible for compliance are in a holding pattern. The rule isn't scrapped just yet, but it is currently unlikely that Trump's DOL will considering moving forward with the rule after its examination.

Robo-advisers and other innovations have emerged in the retirement savings field, partly in response to the rule but partly because the industry was finally catching up, tech-wise. That innovation is likely to continue, especially if interest in fiduciary regulations remains after Trump's administration.