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

Jun. 24, 2018

Jun 24, 2018

Securities and Exchange Commission

To the and Exchange Commission,

I am retired. I am on Medicaid and collecting Social Security. These
are important resources, but wouldn't cover all my living expenses. I
depend on my IRAs for the supplemental income needed for a decent

Few of us have the time and training to make great decisions about our
investments. That's why my wife and I rely on our advisors at
TIAA-CREF. Our security and futures are very dependent on their giving
us good advice.

It's critical to us to know our advisors are looking out for our best
interests! So, I am opposed to undoing any regulations that require it.
These rules should be strengthened, to eliminate the loophole that
allows advisors to give advice that puts our funds at more risk, or
increases our expenses, for their benefit, not ours. We need to be sure
the advice we receive is the best available for us, not that which puts
more fees and commissions in our advisors' pockets.

Please, protect us seniors and future retirees! Advisors and other
agents should be working for us, their clients. They should be putting
our best interests first, not their incomes. I'm certain they'll
continue to do well without abusing or scamming us! Having recently
visited the tip of Manhattan where Wall Street is located, I am certain
they are doing well enough....

I recall the questions, "Whose boats are those?" "The
bankers." "Where are the customers' boats?" It's immoral
and should be illegal for advisors to cheat their clients by giving
them less than the best advice they have for us.


Mr. Donald Weigt