May 31, 2018
Securities and Exchange Commission
To the and Exchange Commission,
Dear Sir/Madam:
CURRENTLY, there is a loophole in the rules that makes it legal for
some bad financial advisers to tell us where we should put OUR money
based on what's best for THEIR pocketbooks, not ours. Millions of
Americans like my husband and I are counting on our IRAs, 401(k)s and
other retirement accounts for a secure financial future and we've
worked hard to build and grow our savings. We should be able to trust
our financial advisers to put our interests first. But loopholes in the
current law make it easy for many advisers to take advantage of
hard-working Americans and line their own pockets with our retirement
savings. Hidden fees and bad advice costs Americans billions of dollars
every year, and we deserve better.
Both my husband and I are retired, and we are counting on you to make a
stronger rule that closes the loophole. Americans who've worked hard to
save for retirement deserve peace of mind about their financial
security.
PLEASE TAKE THE RIGHT, FAIR, JUST, HUMANE AND HEALTHY ACTION AND Close
this loophole and ensure a higher standard than the currently proposed
rule. Hold anyone who gives financial advice genuinely accountable for
helping everyday Americans choose the best investments for us, our
families, and our future. We don't need or want a standard that just
makes our brokers and bankers richer.
Sincerely,
Dr. Mary Ann and Mr. Frank Graffagnino