Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, Millions of average people rely on financial advisors to help them plan savings for retirement. This is crucial given the disappearance of traditional pension plans, longer lives, and the threatened status of social security. It is critical that financial advisors have a fiduciary responsibility to offer advice that primarily benefits the investor rather than advice that primarily benefits the advisor. This is not merely essential for the individual investor. The investor who is abused by an unscrupulous advisor may well end up penniless while the advisor profits. That penniless investor will end up being a charge on the public. This is not a crime which harms only the hapless investor. This crime impacts the public economy as well. In effect, the abusive advisor cheats not only the individual but the Federal government that will become responsible for the ruined investor. I urge you to establish a high fiduciary standard for advisors which requires them to put the investors interests above their own. This will protect not only the individual investor but will protect the public good. Thank you. Sincerely, Ms. Gale Oppenberg