July 21, 2017
Securities and Exchange Commission,
Free enterprise does not equal freedom to give false and misleading advice that is paid in good faith through pension programs, investment accounts and even direct payment for sercvice. When investors turn to financial professionals for advice, they expect and deserve advice that's in their best interests. "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. I am 65 . I vote, I organize and I am part of a very large generation that is watching the progress of this consultation and subsequent actions. We are expecting , and demand, aggressive protection of consumer rights in this domain.
Dianne Rocheleau-Malaret