June 15, 2018
Securities and Exchange Commission
To the and Exchange Commission,
After having spent almost my entire career in the financial services industry, I am adept at looking out for my own financial interests.
However, many other senior citizens are not. They are too trusting, too inexperienced in financial matters, and they do not understand the correlation between risk and reward. When they lose money saved over a lifetime for retirement they will never recover and the burden of supporting them in their old age falls on the government and on their children, the only alternative being abject poverty. Reducing protections for consumers is not right and it's not moral. A singular characteristic of the current administration has been to reduce protections for consumers. This needs to be radically reversed, especially as regards the most vulnerable segment of the population - senior citizens.
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. No investment is 100% guaranteed, but requiring investment advisors to put their clients' interests first is a must. Thank you.
Sincerely,Mr. Michael Feldman