July 21, 2017
Securities and Exchange Commission,
When investors turn to financial professionals for advice, they expect and deserve advice that’s in their best interests. But some “advisers” who work for broker-dealers are not always required to meet that standard, and some may even be paid in ways that reward them for putting the interests of the firm ahead of the best interests of the customer. Investors lose out on tens of billions of dollars in investment returns each year when these conflicted advisers recommend inferior investment products that pay them more. I urge the Securities and Exchange Commission to adopt new rules, modeled on the Department of Labor’s rule for retirement investment advice, requiring brokers to act in their customers’ best interests and requiring firms to reduce conflicts that undermine that standard. Investors don’t need more boilerplate disclosures, they need real protections from industry practices that put their financial well-being at risk.
My wife and I took nearly 40 years of hard work to scrimp and save for our retirement. In a matter of 2 days that nest egg, which had become fairly substantial (at least to us it was substantial) just disappeared into the pockets of the same people who you want to turn loose on us little guys again. My wife and I feel like we have to work for at least ten more years (into our mid 70's) because of what you, the very same people who screwed us over before, are about to unleash on our son, daughter-in-law and the 4 grandkids. I will work to put someone in the White House who will get rid of people who appear to hate us little guys even though my wife and I have never done anything to you to deserve this. Please don't do to our children and grandchildren what you did to us.
I think that all these letters to you big shots are a waste of time. But my wife wanted me to write these so I have. I really hope that you all do what is right for all of us little guys for a change and let the big shots take the pain for a change.
James Hadstate