Subject: Public Comment RE: File No. S7-09-18
From: David Rilling

April 22, 2018

My wife and I believe our aged and recently widowed mother / mother-in-law was taken advantage of by an unscrupulous investment adviser when the investments he sold her turned out to be money losing, illiquid, unmarketable and generally highly risky in their nature. 

When investors turn to financial professionals for advice, they expect and deserve advice that’s in their best interests. But some “advisers” who work for broker-dealers are not always required to meet that standard, and some may even be paid in ways that reward them for putting the interests of the firm ahead of the best interests of the customer. Investors lose out on tens of billions of dollars in investment returns each year when these conflicted advisers recommend inferior investment products that pay them more. I urge the Securities and Exchange Commission to adopt new rules, modeled on the Department of Labor’s rule for retirement investment advice, requiring brokers to act in their customers’ best interests and requiring firms to reduce conflicts that undermine that standard. Investors don’t need more boilerplate disclosures, they need real protections from industry practices that put their financial well-being at risk.

Thank you.