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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

Millions of Americans like me are counting on our IRAs, 401(k)s and
other retirement accounts for a secure financial future  and we've
worked hard to build and grow our savings.  For most of us these
accounts are critical to our ability to live in retirement with dignity
and security. We should be able to trust our financial advisers to put
our interests first, but loopholes in the current law make it easy for
many advisers to take advantage of hard-working Americans and line
their own pockets with our retirement savings.

All retirement accounts have fees. I am not averse to paying fees that
have been fully disclosed and explained upfront, but hidden fees and
bad advice cost Americans billions of dollars every year, and we
deserve better. When I pay for services and advice I need reasonable
assurance that what I am paying for are in my best interests and not
for the benefit of the parties providing the advice.  Advisors have the
right to make a living but not at my expense.  The relationship should
be a win-win partnership.  The current law does not provide any

Close this loophole and ensure a higher standard than the currently
proposed rule. Hold anyone who gives financial advice genuinely
accountable for helping everyday Americans choose the best investments
for us, our families, and our future. We don't need or want a standard
that just makes our brokers and bankers richer.

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. Larry Fellows