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