Jun. 22, 2018
Jun 22, 2018 Securities and Exchange Commission To the and Exchange Commission, My friend's father, a brilliant businessman with more than enough savings to support himself, allowed himself to be talked into a reverse mortgage with thousands of dollars of upfront fees and commissions. My father, after he was 80 years old, allowed himself to be talked into an annuity that promised a high interest rate that was more than swallowed, during any likely lifespan for him, by high upfront fee and commissions. Older people often tend to become too trusting. When they lose their resources to people who put their own interests first, the rest of us are burdened with their support. People who claim to be "advisers" should be held to certain ethical standards, taking the best interests of their clients into account. These standards must be heightened to protect retirement accounts and other resources of our elderly people. 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. Jean Schroepfer