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