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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

I believe that I should be able to trust my financial advisers to put
my interest first. Loopholes in the current law make it easy for many
advisers to take advantage of hard-working Americans like me while the
advisers line their own pockets with my retirement savings.

I truly thought that my best interest was always the advisors number
one priority and that when I did well, they did well. I was wrong. We
all deserve better financial support. Looking back, I can see how some
of my financial advisors did indeed provide me very bad information
that cost me money and made them money.

I have seen an improvement within the two companies that I now use as
financial advisers since the information came out about hidden fees and
bad advice that has cost Americans billions of dollars every year. I
believe that I'm now getting better advice. However, I'm counting on
you to make a stronger rule that closes the loopholes that have been
exploited in the past.

All Americans, including me, who have worked hard to save for
retirement deserve peace of mind about our financial security. I and
all the Americans like me, should not be lining the pockets of our
advisers. We need to know/trust that the advisors are focused what is
best for us, not what is best for the advisors.

Sincerely,

Mr. Michael Drake