Subject: File No. S7-07-18
From: Gayla Davis

June 30, 2018

Please pass regulations that protect investors. It is long overdue. Just as you don't want a doctor who puts his or her welfare above a patient's, it is unethical for investment advisors to make recommendations that provide profit for the advisor yet are wrong for the investor. Most people cannot be their own surgeon, electrician, or car mechanic, and most investors don't have the knowledge or experience to properly evaluate an investment. That is why many turn to an investment advisor. They deserve reasonable compensation for their work, however, I believe that many take advantage. Despite my asking every year for a breakdown on the fees I pay for each investment, I have yet to receive it. I have no idea how much I actually pay to the advisor, financial institution, or fund managers or whether my investments are really for my benefit.