The fiduciary rule's future is uncertain, as opponents and advocates of the regulation anticipate that President Trump may delay or overturn it. Sen. Elizabeth Warren (D-Mass.) joined the fray by issuing a letter to more than 30 financial services firms, asking their leaders how they'll respond to any changes to the rule that she has supported.

In a letter to the senator, John Taft, retired CEO of RBC Wealth Management-U.S., suggests Warren consider a different approach.

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