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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

You've worked hard to save enough to enjoy your retirement. But a
loophole in the rules makes it legal for some bad financial advisers to
tell you where you should put YOUR money based on what's best for THEIR
pocketbooks, not yours.

The result? Americans end up in riskier investments with higher fees
and lower returns  and Wall Street makes billions.

The Securities and Exchange Commission is considering a new rule for
financial advisers, but it isn't strong enough to protect older
Americans' retirement 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.

This is our big chance to raise the pressure to hold Wall Street
accountable. Tell the Securities and Exchange Commission to close this

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.

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.

Hidden fees and bad advice costs Americans billions of dollars every
year, and we deserve better.

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.


Mr. Nicholas Lenchner