Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, I am a member and former Board Member of the National Retiree Legislative Network and the National Chrysler Retirement Organization. In working for, and with retirees for the last 11 years I have seen "Financial Advisors" sap the savings of retirees. Typically they charge 1.5% in fees per year, put them in investments that charge 2% per year and recommend investments that pay lower rates of return than standard index funds. In total such advise costs retirees 5% or more a year compared to simple index funds. Financial Advisors typically do not work in the best interest of the people they advise. Most people don't know how to invest and rely on expert advise, but when that advise is bad it is not the Advisor who suffers because all their fees are first in line. I have bench marked my own investments, which I do myself, against two other Financial firms, and have done much better than either by a substantial amount, 50% or more. 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. Christopher Dyrda