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What Trump’s Action on Advisor Rule Means for Retirement Savers

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The future of the fiduciary rule, which was intended to benefit retirement savers, is in doubt after President Donald Trump called for its review Friday just two months before it was to go into effect.

The rule would have required financial advisors and brokers who provide advice for retirement accounts to be fiduciaries, meaning they must act in the best interests of their clients over their own. For example, it would have prohibited brokers from steering clients to products that didn’t suit their needs — such as those that charge high commissions.

What does this mean for you?

Trump’s directive puts consumer protections that were on the way for traditional and Roth IRAs, 401(k)s and some health savings accounts into question.

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