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

Jun. 21, 2018

Jun 21, 2018

Securities and Exchange Commission

To the and Exchange Commission,

Why are financial advisers allowed to use my hard earned money to make
themselves rich while providing egregious financial advice that may not
only make me lose my money but only enrich the adviser with high
commissions and fees? Any fiduciary obligation should be to their
client, not themselves. If anything, financial advisers should be
obligated to provide a true win-win situation where the client gets
advice that helps their hard earned money grow as well as safeguarding,
as much as possible, what money clients have accumulated. And in turn,
advisers should be compensated for having provided these results for
their clients.

The situation that is being currently proposed creates a
"dog-eat-dog" world; a type of financial social darwinism
that perpetuates greed for oneself over the benefits for everyone. Why
create such a dystopian type of world view? If you believe that
financial advisers have no fiduciary responsibility to their clients
then be honest about it and state this fact very clearly: Greed is
okay. If you (the client) are ignorant or stupid enough to take your
advisers financial advice and you lose your money but your adviser gets
rich off of your money, too bad! That's the way of the world as we (the
regulators) see it and we will write laws and regulations that uphold
this view.

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. Please do the right thing!


Mr. Vernon Tokita