It’s morning in America, but the financial industry may have to wait many sunrises before the regulatory impact of Tuesday’s general election can be fully understood.

As Republicans, led by presidential-elect Donald Trump, cheer their victory on Wednesday, foes of the Department of Labor’s fiduciary rule also appear emboldened.

Dale Brown, president and CEO of the Financial Services Institute, an advocacy and lobbying organization staunchly opposed to the DOL’s rulemaking, congratulated Trump on his election.

“We stand ready to work with his administration in ensuring Main Street Americans have access to objective and affordable financial advice as they save for a dignified retirement, pay for their children’s education and help care for aging parents,” Brown said in a statement released early Wednesday morning. “We also congratulate all who won election to Congress and renew our commitment to work constructively with both sides of the aisle to find common ground, end gridlock and do what’s right for Americans who want to save and invest for their future.”

Indeed, Trump and congressional Republicans will form a government more hostile to regulation and interventionism than the Obama administration.

However, supporters of the DOL rule say that eliminating the fiduciary rule and the legislation it is based upon is easier said than done.

Knut Rostad, the president of the Institute for the Fiduciary Standard, a fiduciary advocacy group, says that Trumps politics don’t necessarily indicate that he will seek the rule’s repeal.

“Trump, by a review of his statements and policy positions, is part libertarian, Tea-party conservative and economic and cultural liberal,” Rostad said in an emailed statement. “He is no party loyalist. His instinct, as the world has witnessed, is more to challenge the Republican party than to go along with it. So, why it should be assumed that Trump will sign off on any or all GOP measures to remove financial regulations?”

The rule, which went into effect in June of this year and is slated for enforcement starting in April of 2017, will greatly constrain the types of recommendations and investment choices that advisors can make within clients’ retirement accounts.

Trump’s libertarian stances are strongly critical of regulation, says Joe Duran, CEO of United Capital Financial Advisors, but that doesn’t mean that his sights will be turned on the DOL’s fiduciary rule ahead of its enforcement.

“You’re going to see a reduction in regulation all around, but we have to ask how high the rule is going to be within the list of things that Trump and Congress have to deal with,” Duran says. “It’s hard to imagine that he’s going to get to the DOL before it’s implemented, I think his No. 1 line of attack is going to be the Affordable Care Act.”

Even if the Trump administration sets its site on the DOL rule, it may not be able to prevent its enforcement. The DOL’s rulemaking stems from guidance within the Dodd-Frank Act, a sweeping piece of financial legislation that would be difficult to repeal.

Skip Schweiss, director of advisor advocacy for TD Ameritrade Institutional and generally a supporter of the DOL’s rulemaking, is confident that the regulation will stand under the next administration.

“What people are missing about this rule is that it is final – this is not a work in progress,” Schweiss says. “The house has been built, it’s just waiting for us all to move into it. To undo the rule would be to say that we all need to tear down the house, to reverse and somehow undo a final rule. That would take an entirely new rulemaking process.”

Schweiss says that advisors and broker-dealers should continue their preparations for the rule.

Matt McGrew, chief operating officer of USA Financial, which operates a dually registered broker-dealer and RIA, says that his company will implement compliance processes for the rule.

“This doesn’t really change my outlook,” McGrew says. “It’s going to be an interesting environment going forward, but I don’t think that the DOL rule is going to change.”