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

Jun. 22, 2018

Jun 22, 2018

Securities and Exchange Commission

To the and Exchange Commission,

My husband and I are deeply concerned about the loophole that allows
financial advisors to take advantage of their clients by investing
their retirement savings in products that benefit the advisor to the
detriment of the advisees.  We rely on these professionals to steer us
through the rocky shoals of investment and finance and need to trust
that they have our best interests at heart.  As recent retirees we have
no other source of income.  If we lose at the hands of this loophole we
have nothing else to fall back on.
Millions of Americans like us are counting on our IRAs, 401(k)s and
other retirement accounts for a secure financial future  and we've
worked hard to build and grow our savings.

We should be able to trust our financial advisers to put our interests
first. But loopholes in the current law make it easy for many advisers
to take advantage of hard-working Americans and line their own pockets
with our retirement savings.

Hidden fees and bad advice costs Americans billions of dollars every
year, and we deserve better.

Close this loophole and ensure a higher standard than the currently
proposed rule. 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 just makes our brokers and bankers richer.

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,

Mrs. Barbara Barbieri