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

Jun. 21, 2018

Jun 21, 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.  We had a broker with whom we worked for
several years.  I started checking closely why we were losing money
while we were paying fees for sales and purchases of stock.  It turned
out that the broker had put us on an auto-transaction basis where once
a stock hit a certain price he had an automatic sale set up and then
purchased other stock.  We paid fees for both these transactions.  We
did take our money to a new brokerage, but it had gone on for some time
before I really noticed it.  We hire a broker to watch out for our
money.  We are not in a situation where we follow the market closely.
All of our savings are now in Mutual Funds and annuities, but we lost a
significant amount of money through this experience.

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.

Sincerely,

Mrs. Susan Olson