Critics of the DOL’s rule argued that it would shrink the financial advice industry, ultimately reducing retirement savers’ access to financial planning and investment advice.

In a joint statement, leaders of the American Council of Life Insurers (ACLI) and the National Association of Insurance and Financial Advisors (NAIFA) applauded the court’s decision, but acknowledged that the industry needed some sort of best-interest rule to guide its professionals.

“The court’s decision will help ensure that retirement savers maintain access to a wide range of financial planning services and products, including annuities, which are the only financial products in the marketplace that guarantee lifetime income,” wrote the organizations. “While we agree with the decision, we recognize that the courts are not the appropriate forum for policymaking. ACLI and NAIFA support reasonable and appropriately tailored rules that require all sale professionals to act in the best interest of their customers.”

After the decision, some advisors took to Twitter to express their displeasure:

“A dark day for consumers and real financial advisors, not only for the overturning of the Fiduciary (sic) rule.. also takes pressure off the SEC,” wrote Michael Kitces, director of financial planning research at Columbia, Md.-based Pinnacle Advisory Group.

“It sickens me that the #FiduciaryRule is going to be scuttled. The good news? The cat is out of the bag and more people look for fiduciary advice. We will win this war,” wrote Carolyn McClanahan of Jacksonville, Fla.-based Life Wealth Partners.

Full implementation and enforcement of the fiduciary rule was delayed to 2019 after President Donald Trump requested that the DOL review its fiduciary rule before enforcing it. The rule has remained partially implemented in the interim leading up to Thursday’s decision.

On Friday morning, some advisors were unsure what the ruling would mean for the fiduciary rule in the long term.

“This news causes further confusion surrounding the DOL rule and whether it will be implemented or not,” said Joe Heider, president of Cleveland-based Cirrus Wealth Management. “The question moving forward will be whether the SEC attempts to create a unified approach with regard to what is a fiduciary as it relates to advice on IRAs and retirement plans or if this will ultimately be decided by the U.S. Supreme Court."

He noted that many practitioners have already forged ahead in adopting a best-interest standard.