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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

Please strengthen the proposed rules requiring brokers and other
financial advisers to put their customers' investment interests ahead
of their own. Wall Street lawyers, as the Commission well knows, can
find loopholes galore, so it would be great to restore something like
the private right of action that was in the DOL fiduciary rule.

I am not a lawyer, so my self-interest doesn't lie there, but I am of
retirement age and familiar with the many high-commission products,
trails and share classes that tempt advisors.

I'm counting on you to make a stronger best-interest rule. Americans
who've worked hard to save for retirement deserve peace of mind about
their financial security.

I'm also outraged that the securities industry disingenuously argued
that the DOL fiduciary rule would force them to cut off middle-class
and lower-class retirement savers who wouldn't be able to afford the
fees on managed, non-transactional accounts. Firms like Merrill Lynch,
Morgan Stanley and UBS don't pay brokers on low-level household
accounts because they know the money lies in servicing wealthy
investors, and rogue firms offer those people high-risk,
high-commission, complex products like privately traded REITs.

Please restore some of the fiduciary language, and use your lawyerly
skills to define the standards without creating loopholes.

Thank you.


Mr. Jed Horowitz