A U.S. district court in Texas has upheld the DOL’s regulatory expansion of the fiduciary rule, whereby virtually anyone connected to retirement benefits, whether they are in a retirement plan or an IRA, becomes a fiduciary. Having studied the regulations in light of the applicable statutory framework, I think almost all of it is lawful under applicable case law.  (Basically, the question is whether the regulations stay within the area covered by the statute.)  However, President Trump has issued an executive order, asking that the rule be reexamined to see if it cuts down on options available to Americans. It must cut down on options at least some. (Few want to give advice to someone with a small account if they could be sued). So, at a minimum, expect a reduction of the regulation. Many financial providers have already “taken to” the regulation—selling themselves as fiduciaries, so some has been accomplished. Anyone who holds himself out to be a fiduciary will be so deemed by a court of law.