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

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.

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.

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.

Most Americans, including most older Americans, do not have the
financial knowledge to wisely and safely invest their retirement money.
That is why they seek the advice of people with knowledge in that
area.  If we cannot trust that our financial advisers are going to
provide advice that is in our best interest, how can we feel secure?

Doctors are required to have their patients' best interest always in
mind.  We need the same protection for our financial health as our
physical health.

Sincerely,

Ms. Nina Warren