Although the DOL's fiduciary rule is no more, per the United States Court of Appeals for the Fifth Circuit and the DOL's decision to not seek a rehearing, the rule leaves a legacy: the rule fueled the trend of lower retail investment costs by forcing "many brokerages to make changes to product lineups and compensation structures that are likely to remain in place long after the DOL rule is gone."
And a result of those changes? "A Morningstar Inc. report released in April showed that average mutual fund and exchange-traded fund fees declined by 8% in 2017, saving investors approximately $4 billion in fund expenses. It was the largest year-over-year decline that the research firm had ever recorded."
See DOL Rule Will Continue to Loom Large
In closing, below is a link to a post on this blog from about three years ago. My prophecy then about the DOL's fiduciary rule is stated in the last two paragraphs. (Was I close?)
The U.S. Department of Labor's Proposed Fiduciary Standard Rule
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