Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, 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. I understand that 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. WHY NOT ..... ???????? 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. It's not uncommon to find a Financial Adviser who will put a client into a product that throws off a huge commission to the FA even though other like products were also available with 1/2 or more commission on the transaction. This is totally unacceptable and is approaching theft. Hidden fees and bad advice costs Americans billions of dollars every year, and EVERY SINGLE AMERICAN deserves 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 at the expense of THE AMERICAN CITIZENS. It will be of interest to me to see if any of the members of the SEC actually read my request for your support to close this loophole. Guess we will see who the SEC supports ...... Wall Street/ FA's / Banks or the AMERICAN . CITIZENs. 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. Sincerely, Mr. Ted Miller