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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

As a former employee in the Division of Enforcement, I am often asked
for advice on who to turn to for investment advice.  I tell people that
they should educate themselves because they are truly the only ones who
will put their own interests first.  I see no reason that investment
advisers should not be held to the highest standards in advising people
on how to invest their assets.  I know of one case I investigated of
individuals who left a brokerage firm and started an advisory business
just to put their clients assets into very risky and unsuitable
investments.  All of their clients assets were lost.  It makes no sense
to allow a lesser standard than that of a fiduciary when someone is
trusted with an investor's life savings!

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.

Susan Hannan