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Published on Oct 18, 2018
“It’s almost like somebody broke into your house and stole something important to you.” That’s how Rachel Wheeler felt when, after decades of working hard and living within her means, she realized that the broker she was using to save for retirement had steered her into investments that made him money, but cost her as much as $30,000.
Americans lose $40 billion per year to brokers chasing commissions and other benefits for themselves at the expense of their clients. The Securities and Exchange Commission (SEC) is ignoring the experiences of people like Rachel and George Wheeler with a proposal to regulate brokers that doesn’t fix the problem, and will let Wall Street continue to rip people off.
The SEC needs to change course and rewrite the rules so that they clearly require brokers to act in the best interests of their clients.