Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, When you visit a doctor or lawyer, there are protections in place to make sure those professionals look out for your best interests. The same ethos does not apply to financial advisors when it comes to investing your retirement accounts. Financial advisors are merely required to give advice that is suitable. If you had cancer and went to the doctor, you wouldn't want your doctor telling you what's 'suitable.' You want her to tell you what's going to give you the best chance to beat the cancer. But financial advisors are not under that obligation. They can steer you toward more complicated investment instruments with higher fees that are great for the advisor at the expense of the customer. It's easy for anyone to believe they have the highest ethics and always put their client's interests first. It's much harder to practice that belief, especially when it hits one squarely in the wallet. I've found that planners that tout their ethics the most also tend to be the worst offenders. We need rules that anyone providing retirement advice for a fee is required to act in the best interest of their client. Sincerely, Mr. George Lewis