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

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

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 .

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. Ted Miller