June 5, 2018
Securities and Exchange Commission
To the and Exchange Commission,
Dear Securities and Exchange Commission:
I am preparing for my retirement within the next 7-10 years and I count on my financial advisor to give me retirement savings advice that is in my best interest. I appreciated the Department of Labor's ruling that required professionals giving financial retirement advise to be held to a fiduciary level of accountability to providing advise that is in the best interest of their clients. The proposed SEC rule allows financial advisors to operate under a lower level standard than the DOL rule allowed. This is unacceptable and will discourage investors from seeking investment advise because of the possibility of encountering untrustworthy advisors.
Investors have already seen how Wall Street brokerage firms and financial institutions like Wells Fargo, deceive their clients. People work hard all their lives for their money that will provide them with security in their retirement years. The financial industry is not doing enough to clean up their act and provide consumer protections.
The greater interest seems to be in making a bigger profit, even at the risk of misguiding and defrauding investors.
I strongly urge you to make a stronger rule that clearly defines what it means to act in the best interest of a client and to impose a fiduciary duty on the part of the financial advisor. American workers deserve peace of mind about their financial security.
Sincerely,Mrs. Gigi Hart Bessicks