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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

For far to long egregious abuses by unscrupulous "investment"
brokers have preyed on the elderly and financially inexperienced
individuals.  My own mother had her insurance agent sell her on four
mutual funds for which he received a handsome commission, but which
were totally inappropriate for someone living on a fixed income in
retirement.  The fees for these funds were much higher than industry
average, but the past performance was poor at best.  Had my mother not
contacted me, she would have seen much of her life savings drained away
while her agent laughed all the way to the bank.

It is well past time to require investment brokers and financial
councilors to put the interests of their client as their only interest
and earn their income by honest investment practices.

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. Brian Wilson