Subject: File Number S7-07-18: Stop financial advisers from sapping Americans' retirement savings
From: Paul Smith
Affiliation:

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

I was a shareholder and active engineer/project manager in a
medium-sized engineering company.  Among other things, I took on the
role of CFO for the company.  I took my fiduciary responsibilities to
the other shareholders and to the employees VERY seriously.  I held
MYSELF accountable, while it seems the Financial Planning industry is
trying to pursue rulemaking that would allow them not to do so.

Under my tour as Director of Finance (and ever since), decisions
regarding 401k investment vehicles were very publicly deliberated.  All
employees and shareholders could participate in selecting their
investment options.

On matters outside of 401k investment options, I made financial
decisions with their best interests at heart.  I fail to see how
Financial Planning "Professionals" can absolve themselves of
similar responsibilities to their clients by merely lobbying a pro-2%
Congress and a pro-1% White House.

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.

Sincerely,

Mr. Paul Smith