Several business groups said they were pleased with the announcement Wednesday that the U.S. Department of Labor would delay implementation of an Obama administration rule concerning financial advice for retirement savings.

The fiduciary rule would require retirement advisers to work in their clients' best interests providing advice about how to manage their retirement savings. Supporters say the standard is needed to prevent advisers from directing clients to investments that do little to help them but provide kickbacks for advisers and their firms.

Many associations argue the rule would be a legal nightmare for the financial industry and could force advisers out of business. Several groups have sued to stop implementation of the rule, but three separate courts have upheld the regulation.

Critics of the rule have found a likely ally in President Donald Trump. The announcement Wednesday may not be the repeal many groups want, but they see a delay and review as the next best thing.

"As we have said for weeks, we are confident the administration understands our deep concerns for small investors, and today they showed they share these same concerns," said Dale Brown, CEO of the Financial Services Institute. "Our members pride themselves on working in the best interest of their clients."

U.S. Chamber of Commerce CEO Tom Donohue commend DOL "for its swift action to protect retirement savers by issuing a notice of proposed rulemaking to delay the fiduciary rule, which will help ensure all Americans have access to the advice and choices needed when saving for their future."

The rule was scheduled to take effect April 10 but the delay pushed the start date back to June 9. Trump issued an executive order in February mandating a review of the rule. http://bit.ly/2m3CQuK

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