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 myself? 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. Sincerely, Ms. Leslie Kalechman