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

Jun. 22, 2018

Jun 22, 2018

Securities and Exchange Commission

To the and Exchange Commission,

My friend's father, a brilliant businessman with more than enough
savings to support himself, allowed himself to be talked into a reverse
mortgage with thousands of dollars of upfront fees  and commissions. My
father, after he was 80 years old, allowed himself to be talked into an
annuity that promised a high interest rate that was more than
swallowed, during any likely lifespan for him, by high upfront fee and

Older people often tend to become too trusting. When they lose their
resources to people who put their own interests first, the rest of us
are burdened with their support. People who claim to be
"advisers" should be held to certain ethical standards,
taking the best interests of their clients into account. These
standards must be heightened to protect retirement accounts and other
resources of our elderly people.

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. Jean Schroepfer