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

Jun. 21, 2018

Jun 21, 2018

Securities and Exchange Commission

To the and Exchange Commission,

I am a 65 year old who has worked since the age of 16 and have always
lived within my means.  Since my mid-20's, I have been saving money
through 403(b)s and my own savings for retirement.  Since I always
worked for Non-Profits (Health Care), I did NOT have the option of a
company sponsored defined benefit pension plan.

I have worked very hard all my life, focusing on my health care career
(Medical Social Work); so I do not have the financial knowledge to make
complex decisions about how best to invest my savings. I must depend on
a personal financial adviser for these decisions, and must trust that
he will "do the right thing." But loopholes in the current law make it
easy for many advisers to take advantage of hard-working Americans like
myself, in ways that other professions (like my own) would consider a
conflict of interest.  Licensed Health Care workers such as myself must
put patients interests above their own, protecting privacy, patients
rights, avoiding financial conflicts of interest like "kick-back"
referral behavior, etc. Why shouldn't a similar standard be held for
financial professionals who manage the life savings of seniors like

Please close the loophole and require ALL financial advisers to act as
a fiduciary in serving their clients.  Anyone who gives financial
advice must be held accountable for helping Americans navigate the
complex world of investing for a secure retirement.


Ms. Leslie Kalechman