July 21, 2017
Securities and Exchange Commission,
Assuming there are some among you who still remember your purpose, which is to serve the interests of people, not your company's profits, I appeal to you to consider their wellbeing Though you may not be required to meet that standard, or are paid NOT to, you must know that Investors lose out on tens of billions of dollars in investment returns each year because of conflicted advisers. who 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.
Jean Levaux