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

Jun. 21, 2018

Jun 21, 2018

Securities and Exchange Commission

To the and Exchange Commission,

Laws that require financial advisers to put the interests of their
clients before their own financial gain (that is, to act as
fiduciaries) help both the clients and the financial advisers.

For many years, I was afraid to work with a financial adviser, because
I knew that financial advisers were not required to do this.  It was
only after the SEC finally invoked the fiduciary rule that I began to
feel comfortable about working with a financial adviser. Now you are
considering removing that rule, and once again I fear that my hard-won
money will not be safe.

I urge you to close the loophole that allows financial advisers to
charge hidden fees and give bad advice.  Please ensure a higher
standard than the proposed rule. It is crucial to hold anyone who gives
financial advice genuinely accountable for helping everyday Americans
choose the best investments for us, our families and our future.  We
don't need or want a standard that will simply work to enrich our
brokers and bankers, and we need to know that we can count on our
government to make that happen.

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.


Ms. Joanna Abbott