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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

I was given bad advice on investing in oil shares 4 years ago and, at
that time, I questioned the benefit of this with my financial adviser.
His response was that the price of oil can only go up.  Recently he
called me to advise I should sell, since there had been a slight gain
(on my losses over the 4 year period).  I was infuriated and told him
so.  When I reminded him that I didn't want to invest in oil in the
first place, there was silence at the other end of the phone.  He had
no answer for me!  Incidentally, this is a brokerage account.  My
initial investment in oil currently stands at a 60 percent loss (even
taking into account recent gains)!

I worked 49 years of my life in the UK, Europe, and USA and was raised
in a working class family that believed in the power of saving money.
With the losses I've incurred through bad financial advice, I might as
well have taken a match and burnt the money.

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.


Ms. Diane Nance