Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, When Congress recently changed the law so that financial advisors no longer were required to work in their clients' best fiduciary interest, my husband and I could hardly believe it. Good grief! Investing is already a mine field, with less than transparent cost factors and the risks inherent in the stock market. If Congress and/or the SEC don't do what they can to ensure that financial advisors really do have to work to preserve our hard savings, they undermine any incentive to use these advisors. We have dealt with three different financial advisors over some decades, and believe me, they were not the same in terms of ability, transparency, communication skills, attentiveness, accuracy, etc. It's too easy for these folks who are guaranteed a fixed profit on our hard-earned savings, regardless of whether our investments go up or down. We think what they earn should be a fixed % of what our dollars make; wouldn't that guarantee that they'd do their best on our behalf? 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, Mrs. Mary Loe