On Friday, President Trump signed an executive order seeking a review of an Obama-era rule that would have forced financial professionals to act in customers’ best interest when giving them advice about their retirement accounts.

The so-called fiduciary rule has been the subject of years of intense debate and industry lobbying and was set to take effect in April. But the rule is likely to disappear, given that Gary Cohn, the former Goldman Sachs executive who is now the director of the National Economic Council, told The Wall Street Journal that he wanted it gone.

Wait, what? My investment professional doesn’t have to act in my best interests already?

Not necessarily. The technical terminology gets confusing, but a financial planner or investment adviser in a stand-alone firm may be required to act in your best interest or may pledge to in all instances. But some stockbrokers and many people who sell life insurance, annuities and other more esoteric investment products merely have to follow what’s known as the “suitability” standard.

That leaves lots of room for shenanigans.

What was the Trump administration’s problem with the rule?

Apparently, freedom of choice was paramount, including the ability to invest your life savings in a way that is indisputably risky or even harmful. “This is like putting only health food on the menu, because unhealthy food tastes good. But you still shouldn’t eat it because you might die younger,” Mr. Cohn told The Journal.