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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

As I shop for consumer goods I can compare prices for similar items and
make my selections.   A department store may have different costs of
overhead, product acquisition, or other business expenses and these
would all be reflected in the product price.  All of this would be
visible in the posted price.

When I see a professional like an attorney or hire an professional
engineer I have some expectation that they are working in my best
interests with legal advice or product development.  Each profession
has codes of ethics that puts the client first as the client has every
right to expect.

Why should it be different with an investment advisor?  Why should I
not expect an investment advisor to work for my best interests as that
is why I would hire them - to do a job better than I could do myself.
If there is no expectation of this then I have hired a con artist
without even knowing it and have no reasonable way to discover it.

Without a professional obligation to first serve the client the
financial investment system has been deliberately set up for legal

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. Carl Klinge