The president’s action “will probably lead to a delay at least,” Skip Schweiss, president of TD Ameritrade Trust Co., told CNBC at TD Ameritrade’s National Linc conference in San Diego.

The DOL rule would have provided greater clarity on the high costs of active management in retirement accounts, which would potentially push more investors toward low-cost, index-based alternatives, such as ETFs, to gain market exposure.

While Trump’s actions mires the outlook on the DOL rule, ETFs may still continue to flourish.

“CFRA expects continued adoption of low-cost index-based ETFs and mutual funds to persist even if the DOL rule is halted or delayed,” Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA, said in a note. “In the last few years, many advisors have voluntarily shifted to a fee-based business over commissions and many brokers are encouraging this trend. Expensive and underperforming funds are harder to justify inside client portfolios.”

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