Jeff Reeves

Special for USA TODAY

In early 2016, the U.S. Department of Labor passed tougher rules around some kinds of investment advice. The buzz phrase is a “fiduciary standard,” but in a nutshell it simply means that financial professionals need to put their clients' best interests before any personal benefits, such as commissions on the products they sell.

While the new regulations were crafted months ago, however, some new standards won’t be in force until April 2017. And with Washington welcoming President Donald Trump and a firm Republican majority in Congress come January, some are questioning whether these recently passed rules will survive the transfer of political power.

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The recent Department of Labor rule change isn’t the only regulation in the finance sector that is up in the air, either, said Jamie Hopkins, a professor at the American College of Financial Services.

“While it is unclear exactly where President-elect Trump stands on these issues, there have been multiple comments made by his advisers and other Republicans that show a strong desire to remove the DOL rule and at least modify or gut most of Dodd-Frank,” Hopkins said.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in 2010 in response to the financial crisis. Supporters say it added much-needed protections for investors and consumers, while opponents say all it added was cost and regulatory complexity.

There are a few ways to either undo existing regulations like the new fiduciary rules or previously passed legislation like Dodd-Frank. New guidance from a Trump-led Labor Department or Treasury Department could change how previous guidelines are enforced, or new legislation passed by Congress could replace these standards with new ones.

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Regardless of any action, financial professionals are preparing for the existing Department of Labor guidelines, said Hopkins of the American College of Financial Services. That means its goals may be achieved no matter what.

“Even if the rule is withdrawn, it has already had a lasting positive impact on the retirement-planning profession,” Hopkins said. “In many ways the rule has already had a profound impact on the retirement-planning community, causing many firms to re-tool their offerings, lower fees and modify business practices.”