July 20, 2018
To the Securities and Exchange Commission,
Most Americans who utilize a financial advisor of the types affected by this proposal likely assume this rule already exists to protect them. I know I did. I recall when I first learned that a Series 7 or 66 advisor was actually not required to advise me in my best interests, and essentially had a free pass to sell me securities that benefitted them personally without disclosing that. Its time the right thing is done this is an absolute no brainer. Please dont validate the cynicism Ive always wretched with over this open secret. Yes, the big bank lobbyists will scathe you for passing this. No, you wont get the credit deserved for your heroism protecting the scores of Middle Class Americans. But damn it, youll have done the right thing. When this life is all said and done, isnt that what matters?
With sincere respect and optimism always for your institution,
Aaron Waldman