Fiduciary Rule Dies Quietly as Trump Lets Final Deadline Pass

The “fiduciary rule” is officially dead.

The Labor Department rule, conceived by the Obama administration, was meant to ensure that advisers put their clients’ financial interests ahead of their own when recommending retirement investments.

The rule’s fate was all but sealed with the election of President Donald Trump, who generally opposes financial regulations. Just two weeks into his presidency, he ordered a review of the rule “to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.”

Then this past March, the rule was dealt a serious blow when a federal ...