U.S. Department of Labor

Investing: Brokers change their game plan

President Trump's executive order, which directs the Department of Labor to review the fiduciary rule for brokers who offer financial advice to investors with retirement accounts, will likely delay the rule's effective date of April 10 and could lead to its demise. But no matter what happens in Washington, the financial-services industry has made changes that are here to stay.

The fiduciary rule was developed to address concerns that some securities brokers encouraged investors to roll their 401(k) plans into IRAs composed of high-cost or inappropriate investments. The fiduciary standard requires financial professionals to put clients' interests above their own. Securities brokers...