Subject: File Number S7-07-18: Stop financial advisers from sapping Americans' retirement savings
From: Richard Sitt

May 31, 2018

Securities and Exchange Commission

To the and Exchange Commission,

The financial industry needs reform to help protect investors. My
personal example is one where I rolled-over my employer 401k into my
personal retirement IRA. Upon questioning the advisor as to what my
fees were, the response was an expense ratio of 0.11. When I asked
about whether my estimated rate of return was net of these fees, the
reply was Yes. Neither of these responses are adequate or transparent
as they do not tell me in dollars and cents what I am paying. This is
just one example of many as to why average investors need more
protection and transparency.


Dr. Richard Sitt