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

Jun. 22, 2018

Jun 22, 2018

Securities and Exchange Commission

To the and Exchange Commission,

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.

I lost over $18,000 over 12 years by an adviser that kept selling and
buying stocks that always ended up losing for me and making money for
him and the company while promising me that it was all for the good and
going to make me money in the long run - baloney! When I finally had
enough of them and closed what little was left of my retirement and
moved it to someone else, they charged me BIG fees to close the
accounts, "per account", another rip off by them to make more
money off of me (and others).

I now have an honest broker that I fully trust and has made money for
me on all my investments. He is a good Christian man that believes in
helping his fellow man.

Millions of Americans like me 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.


Mr. David Valentine