June 15, 2018
Securities and Exchange Commission
To the and Exchange Commission,
I've never been able to get very interested in financial management or investing, but I was fortunate to find an advisor almost 20 years ago who does not sell any financial products and charges me a modest percentage of my assets to take care of the decisions I don't feel interested or well-informed enough to make. The results have been excellent.
I've long been outraged that there were few regulatory protections for others who might be lured into poor financial decisions by brokers or others whose interests were not aligned with their customers. I believe the "fiduciary rule" was supposed to prevent this, and I think it's tragic that the rule is being weakened or even rescinded. It should be flatly illegal and prosecutable for a financial advisor to make recommendations that benefit him or herself at the expense of the interests of their clients.
I'm 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.
Thank you for your time.
Sincerely,
Mr. Nils Bruzelius