Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, The Securities and Exchange Commission should consider a new rule for financial advisers that protects older Americans and their retirement savings from bad financial advisers that invest older Americans' retirement savings in high risk investments with higher fees and lower returns while making money only for themselves. The Securities and Exchange Commission should close any and all loop holes that allows Wall Street and its bad financial advisers to give bad and unsound or poor financial advise that only allows unscrupulous Wall Street financial advisers to make money with no financial risks at all to any of their own money. Wall Street financial advisers should have to be made to reimburse any lost monies invested on behalf older Americans' retirement savings. Wall Street makes billions from bad financial advisers that make bad, unsound, poor, high risk financial advise and investments of older Americans' retirement savings. Wall Street and its bad financial advisers should bear the most or at the very least half of the financial risk from poor unsound investment advise given to anyone with retirement savings or for retirement savings. It is time to hold Wall Street and their bad financial advisers to held accountable for unsound advise that just makes our brokers and bankers richer. Hidden fees and bad advice costs Americans billions of dollars every year, and we deserve better. 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. 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. The Securities and Exchange Commission should close any/all loopholes that allows our financial advisers, our brokers and bankers to make money while losing any money from our financial savings or retirement accounts 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. We Americans and us retirees deserve much better than what is being done to us now. We don't need to be financially ruined in our retirement years after slaving at work for years. Sincerely, Mr. Kevin Cooney