Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, I am writing urging the Securities and Exchange Commission (SEC) to close the loophole in regulatory rules that make it possible for unscrupulous financial advisers to direct the hard-earned money of working class people into investments that Benefit the investor rather than the investor. For many people, who lack the knowledge and background in investing, this is nothing more than a fraudulent scam perpetrated bad financial advisors. The SEC should be proposing and enforcing rules that protect the interests of the average American, not some special interest group. Any rule that benefits the financial advisor and potentially makes investing riskier with higher fees and lower returns should be avoided. All rules for financial advisers, new or existing, should be strong enough to protect the retirement savings every American, particularly older Americans. My wife and I have worked hard to build our retirement portfolio in the hopes of securing our financial future. We have been fortunate to have found financial advisors who have worked in our best interest and reasonable costs. We want all people to feel secure that the person advising them about IRAs, 401(k)s and other retirement accounts is working in their best interest. Every investor should be confident and trust that their financial adviser puts their interest first. Again, I strongly urge the SEC to close regulatory loopholes and ensure a higher standard for financial advisors. than the currently proposed rule. Holdwho gives every person every who gives financial advice for a fee is genuinely accountable for helping their client make the best possible investment for themselves, their family and their future. I do not want a standard that makes our broker or banker richer at the expense of the investor. Sincerely, Mr. Robert Borremans