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

June 15, 2018

Securities and Exchange Commission

To the and Exchange Commission,

Happily I don't believe that I have been victimized in this way.
However even though our advisor is a long time personal friend and a CFP I always keep track of all fees. Financial advisors should be required by law to discuss all fees including those charged within IRA's and mutual funds that lower the end profitability of those vehicles. This must be done for each fund invested in and provided to the consumer in simple clear language. Advisors should be liable to their clients for failing to do so or failing to reveal what commissions they receive from the vehicles they invest in. I have no objection to advisors charging clients a fee for their services.
However the client must be made aware of all potential conflicts of interest in terms of commissions and amounts paid to the advisor by mutual fund or IRA companies. All such commissions ultimately come from the investments of clients. Furthermore all fees from purchase and sales within the mutual fund need to be itemized and the amounts and frequency made known to the investors in those funds or IRAs. this would discourage churning within the funds.

I'm counting on you to make a stronger rule that closes the loophole.
Americans who've worked hard to save for retirement deserve peace of mind about their financial security.


Mr. William Hamilton