What a difference a presidential election makes. I recently had achance to quiz several different well-regarded financial writersabout what 2016 events they felt produced the most significantcourse alterations within the retirement plan industry (see“TheseFive Developments Dramatically Changed the Retirement FiduciaryWorld in 2016,” FiduciaryNews.com, December 13, 2016).These folks aren’t just bloggers, they live and breathe each day asprofessionals within the industry. That gives them a perspectivenot often found in the reporting of full-time journalists.

In fact it was a stimulating discussion, filled with phraseslike “fiduciary rule,” “State-run retirement plans,” and “Excessive fee litigation.” We explored manyiterations and scenarios. We conjured up a cornucopia of scenarios.In many ways, we expressed the thoughts of many others whoreflected on this very same subject. It was all fun and games,…until we came face to face with the 800-pound gorilla in theroom.

The early morning hours of Wednesday, November 9^thfinally confirmed what the previous evening made surprisinglyclear: Donald J. Trump was elected as the 45^th Presidentof the United States of America. It’s become a cliché to say thewinner of the presidential election – any presidential election –stands out as the most influential person of that year. In the caseof President-rlect Trump, this represents no banal platitude, but adramatic understatement.

Overnight, we went from extrapolating the immediate past intothe immediate future to wondering what this new world of the futurewill look like. At first it seemed merely a “will he really do it?”Will Trump really repeal Obamacare? Will Trump really rescind thefiduciary rule? Will Trump really halt the movement towardsstate-run retirement plans in its tracks? The fact Trump had onlyspoke out against the first item on this list meant less certaintyas to what will happen next.

You could understand, despite our realization the electionchanged everything, if we remained a bit skeptical. After all,repealing Obamacare represents no small hurdle. And this is just inthe benefits arena. Trump had a whole list of “to-do’s” rangingfrom the economy, to immigration, to foreign relations. Asconfident as he was in himself, we mild-mannered humans projectedour own frailties onto this overachiever.

That, in retrospect, sticks out as yet another in a long line ofmisguidance “common” sense when it comes to Trump. Just days afterelection, we saw Apple say they’d consider building iPhones inAmerica, Ford promise not to move its plant to Mexico, and Carrieractually reverse its decision to move nearly 1,000 jobs fromIndiana to Mexico.

Suddenly, all the bluster of the campaign transformed from theusual “election promises” to actual reality. Trump’s approvalrating shot up from the mid-30’s to 50% or more. All this while thepreviously stagnant markets have soared to record highs andconsumer confidence has climbed.

I have this strange feeling it’s morning in America again.

Unless, of course, you liked the direction things were going atthe DOL.

Well, thanks to the election, that particular calculus can bethrown right out the window.

In another tell-tale sign of the coming changes, Thomas Donohue,President and CEO of the U.S. Chamber of Commerce, says on his blog“The Chamber is already working with transition officials toidentify priority areas where relief is most urgently needed. Forexample, we are urging immediate action to undo the Department ofLabor’s Fiduciary Rule.”

At the same time, Wisconsin Senator Ron Johnson wrote a letterto Secretary of Labor Tom Perez on November 22, 2016 in which hesaid “I hope the Labor Department will acknowledge the reality ofthe situation and avoid imposing unnecessary costs and burdens infurther implementation of a regulation that will very likely berescinded.”

Add to this recent testimony from David Blass, general counselfor the Investment Company Institute, to the SEC Investor AdvisoryCommittee stating the DOL’s rule “is going to be harmful toinvestors.”

There’s nothing that says you can’t disagree with these highprofile opponents of the fiduciary rule, but, face it, you’d havejust as much success spitting into the wind.

The presidential election changed everything.