Jun. 22, 2018
Jun 22, 2018 Securities and Exchange Commission To the and Exchange Commission, 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. I lost over $18,000 over 12 years by an adviser that kept selling and buying stocks that always ended up losing for me and making money for him and the company while promising me that it was all for the good and going to make me money in the long run - baloney! When I finally had enough of them and closed what little was left of my retirement and moved it to someone else, they charged me BIG fees to close the accounts, "per account", another rip off by them to make more money off of me (and others). I now have an honest broker that I fully trust and has made money for me on all my investments. He is a good Christian man that believes in helping his fellow man. 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. Hidden fees and bad advice costs Americans billions of dollars every year, and we deserve better. 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. Sincerely, Mr. David Valentine