Jun. 21, 2018
Jun 21, 2018 Securities and Exchange Commission To the and Exchange Commission, People are increasingly expected to make decisions on crucial aspects of their lives such as investments and health care. Most people are ill prepared to make these decisions and are overwhelmed with confusing information. Seniors often seek advice from financial professionals, trusting that they will advise them in the right way. Without regulations requiring fiduciary duty, financial advisors can become salesmen. Their incentive is to line their own pockets - what is best in terms of profit for the salesman may not be best for the investor. It is hard enough to make smart choices. Without clear rules seniors can become victims. 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. Sincerely, Ms. Carol Schmidt