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! Sincerely, Mr. Vernon Tokita