Jun. 21, 2018
Jun 21, 2018 Securities and Exchange Commission To the and Exchange Commission, Laws that require financial advisers to put the interests of their clients before their own financial gain (that is, to act as fiduciaries) help both the clients and the financial advisers. For many years, I was afraid to work with a financial adviser, because I knew that financial advisers were not required to do this. It was only after the SEC finally invoked the fiduciary rule that I began to feel comfortable about working with a financial adviser. Now you are considering removing that rule, and once again I fear that my hard-won money will not be safe. I urge you to close the loophole that allows financial advisers to charge hidden fees and give bad advice. Please ensure a higher standard than the proposed rule. It is crucial to 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 will simply work to enrich our brokers and bankers, and we need to know that we can count on our government to make that happen. 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, Ms. Joanna Abbott