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

Jun. 21, 2018

Jun 21, 2018

Securities and Exchange Commission

To the and Exchange Commission,

FInancial advisors should not be allowed to legally prey on their
customers.  This isn't only an elderly issues, although they have less
time to recovery the loss to benefit the advisor.  My 84 yr old
father-in-law saw his account swindle - between fees and low returns.
His advisor had him in 100% stock funds with front and back loads.
They also did not perform as well as more stable investments.  (He
would trade out the funds almost yearly - with almost 3% in load fees
each year).

He finally asked me for help.  The advisor had the never to tell me
that getting almost 3% return was good (2017 the yr the market boomed
and my return was closer to 12% because I was conservative).

This is not much more than a scam scheme - leading clients to believe
that the advisor the investments will be the best for the client's
situation, not the adviors.  Don't legalize con artists.

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.


Mrs. Barbara Rivera