Here's how one corner of Wall Street got a lesson in the power of the U.S. presidency.

For years, personal finance writers have warned readers to keep an eye on their financial advisers. Some advisers, however, are more like salespeople, paid to steer you toward particular products and prone to charging huge, unnecessary up-front fees. Other advisers are fiduciaries, allowed to charge for their services but required to put their clients’ interests first.

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