new york swipe pen u.s. president donald trump friday start kill retirement advice rule wealth managers wall street wisconsin spend last six years lobby landmark policy obama era so-called fiduciary rule require broke financial advisers act best interest retirement savers restrict ability earn commission sell higher-fee products wall street argue would harm consumers would raise compliance cost therefore fee force get rid main street clients small businesses offer 401 plan trump executive order ask labor department review whether rule need change dump supporters opponents gird argue case industry edge trump officials state plan roll back regulation generally criticize fiduciary rule particular chamber commerce one number trade group file lawsuits kill rule cheer trump order look forward swift action department labor put delay effect reevaluate matter policy law chamber say statement share bank large wealth management divisions jump friday bank america bac.n 2.5 percent morgan stanley ms.n 5.5 percent strong well fargo wfc.n percent high insurers whose sales annuity products risk rule also rise share prudential pru.n 1.9 percent metlife met.n percent strong everyone please dol rush get do administration change set back say judi carsrud director government relations national association insurance financial advisors naifa fight rule years naifa plan pursue straightforward fix legislative approach direct retirement account advisers act clients best interest standard carsrud believe group members already meet obama administration say conflict advice cost american families 17 billion year industry say figure inflate no-one dispute high cost firm would pay comply new rule amount labor department estimate much 31 billion next decade bank already start change things bank america say week would clearly disclose fee charge clients merrill lynch wealth management business bank america corp already start cut back transactional account charge clients commission every trade rather flat fee base assets morgan stanley ms.n decide keep account make change allow advisers work within rule confine create new contract re-training advisors update supervisory software swiss bank ubs ubsn.vx welcome trump order say support creation fiduciary rule securities exchange commission could apply advisers retirement advisers well fargo say would continue work regulators ensure high standards care investment clients bank either decline comment immediately available comment implement change particularly tough small-time financial advisers along two colleagues juli mcneely run mcneely financial service spencer wisconsin spend 45 60 hours week since december prepare rule work focus largely figure clients rural community pay flat fee financial advice instead commission create new templates paperwork little breathe room make sure right quickly meet deadline say mcneely vote trump part pro-business stance one person yet comment retirement rule review person center trump choice head labor department andy puzder puzder chief executive fastfood group cke restaurants vocal opponent call overregulation obama administration 401 plan offer employees less generous rival suggest industry-friendly approach labor secretary unilaterally repeal rule agency rewrite change rule substantially scrap william galvin top securities regulator massachusetts describe trump order reckless office continue protect small investors washington cave big business proponents rule pessimistic question mind industry lobbyist delay step toward repeal say barbara roper investor protection director consumer federation america cfa department labor follow honest process consider impact retirement savers win argument wall street wisconsin broke cheer trump 's order