Jun. 24, 2018
Jun 24, 2018 Securities and Exchange Commission To the and Exchange Commission, This rule needs to be changed. A financial advisor should not be allowed to make decisions to benefit themselves when working with someone else money. Allowing them to do that is stating that they can run a Ponzi scam which is illegal for a very good reason. Allowing this to happen is ignoring the underlying causes of the collapse during the most recent "Great Recession" which was caused by a similar attitude with the bankers. Unfortunately, most people who work in the financial sector from my experience are doing it mainly because they are greedy and want to make money and do not care what they do to get it. Not changing the rule is saying that it is alright for a financial advisor to ignore fiduciary responsibilities. The bottom line for me is not changing the rule you are condoning what should be criminal behavior because it is no better than someone putting a gun in your face and robbing you. 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, Mr. Bruce Gumbert