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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

When I retired, my financial advisor said I had enough $s in my IRA to
be a millionaire in a few years.  When I started drawing monthly
payments, his calculations were that the payments would not deplete the
principle even into my 90's.

Several times, my advisor changed companies and I followed him.  Each
time, the value of my IRA took a hit, but it was hard to trace why.  In
2007 and 2008, I lost 2/3 of the value of my IRA.  It never recovered,
even when the stock market did.

I eventually moved the IRA to a bank instead of that advisor where it
has been relatively stable.  However, the value is now under $100,000
and I am dependent on a part time job and Social Security to make ends

Irresponsible financial advisors not only harm individuals like me and
my family.  They cause an increased reliance on Social Security and
other governmental safety net programs.

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. Jacqueline Greff