Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, Millions of Americans like me 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. For most of us these accounts are critical to our ability to live in retirement with dignity and security. 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. All retirement accounts have fees. I am not averse to paying fees that have been fully disclosed and explained upfront, but hidden fees and bad advice cost Americans billions of dollars every year, and we deserve better. When I pay for services and advice I need reasonable assurance that what I am paying for are in my best interests and not for the benefit of the parties providing the advice. Advisors have the right to make a living but not at my expense. The relationship should be a win-win partnership. The current law does not provide any assurances. 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. 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. Larry Fellows