Subject: RIN 1210-AB32 Dear Secretary Perez, As licensed financial professionals serving the needs of our middle income clients, we appreciate the opportunity to comment on the Department of Labor’s (DOL) proposed retirement rule. We agree that more needs to be done to ensure savers are financially independent. In fact, we do what is best for our clients every day. However, your proposed retirement regulation will negatively impact our clients’ ability to save for the future. Currently, we are able to provide guidance that balances the price and level of education our clients need to meet their financial goals. However, the proposal’s new “Best Interest Contract” exemption will create a complicated regulatory structure that will unnecessarily limit savers’ choices. In our view, the DOL’s long list of requirements and exemptions is currently unfeasible. The regulation will result in small and middle income savers being forced into accounts that may not suit their needs or preferences and cause others to go at it alone without the assistance of an investment professional. This is problematic because statistics show that when comparing identical savers (e.g., income and age), those working with a broker have 58 percent more in assets in four to six years; 99 percent more in assets in seven to 14 years; and 173 percent more in assets in 15 years and beyond than those who don’t work with a financial professional. Without these services, savers will be left without guidance, which for most means left without savings. Those who self-initiate will be forced into either self-directed brokerage accounts that may not even have access to online tools and services commonly available today or into other retirement accounts that may not suit their needs or preferences. We have no doubt that some savers will end up worse off. In fact, many small savers were shut out of the system when a comparable rule was implemented in 2013 in the U.K. In the months following the implementation, customers with less than $80,000 in total assets saw a reduction in access to financial guidance and 60,000 total investors were unable to access financial guidance in the first year alone because their balances were too small. Separately, the proposed DOL rule also creates a fragmented advice model, where different standards and rules will apply to conversations with clients based on which type of account is being discussed. This fragmented approach will only lead to more investor confusion. The DOL appears to believe that financial professionals steer clients toward particular products because doing so is in financial professionals’ personal financial interest. Based on our own experience in the business, that is incorrect, and it is not how we interact with our clients. We must urge the DOL to reconsider the viability of its proposed rule, as currently drafted, and the effect it will have on retirement outcomes. America faces a looming retirement crisis. We need reforms that can help the millions of Americans still unable to secure their financial future. However, we are deeply concerned the proposed rule will work against, not towards, this end. Thank you for considering our comments. Sincerely, Andrew Mandeville Tyjuan President Bernice Miller Danielle Lore Tony Boyett Tony Wise Tracie Guyer Jade Wise Jade Cervantes Susan Weagant Monica Cervantes Monica Lavikoff Sherry Stephens Neil Lavikoff Neil Moreno John Zinn Anthony Moreno Anthony Johnson Aleta Kidd Trinit Johnson Trinit Knicker Ruth Banegas Kenneth Knicker Kenneth Sanchez William Bailey Arely Sanchez Arely Billingslea Jared Hack Ray Billingslea Ray Urzola matthew miller Giovanni Urzola Giovanni Scott Sherman Ethridge Michael Scott Michael Calvin Gina Veronesi Henry Calvin Henry williams Mario Payan linda williams linda Koch TODD CRAWL Bernadette Koch Bernadette Pepmeyer bonnie dunning Stephen Pepmeyer Stephen Bryan Derrick Lechien Emma Bryan Emma Nash Elizabeth Silva Priscilla Nash Priscilla Bryan Priscilla Moreno Kriss Bryan Kriss Dacosta Alexander Vladisavljevic April Dacosta April Rodrigo Tyler Kellett Cherri Rodrigo Cherri Robinson Pegie Price Yolanda Robinson Yolanda Townsend Ungelia Whiteside JaQuetta Townsend JaQuetta Walton sean merrill James Walton James Carroll Ryan Remencus Theran Carroll Theran Carpenter John Scott Walter Carpenter Walter spikesusher Betty Olivares samuel spikesusher samuel Lange Cynthia Rideau Vanessa Lange Vanessa Catalano Robert L Duncan, Jr Stephanie Catalano Stephanie Miller Tony Beidel Bernice Beidel Tony Beidel Jade Wise Tony Wise Jade Wise Monica Cervantes Jade Cervantes Monica Cervantes Neil Lavikoff Monica Lavikoff Neil Lavikoff Anthony Moreno Neil Moreno Anthony Moreno Trinit Johnson Anthony Johnson Trinit Johnson Kenneth Knicker Trinit Knicker Kenneth Knicker Arely Sanchez Kenneth Sanchez Arely Sanchez Ray Billingslea Arely Billingslea Ray Billingslea Giovanni Urzola Ray Urzola Giovanni Urzola Michael Scott Giovanni Scott Michael Scott Henry Calvin Michael Calvin Henry Calvin linda williams Henry williams linda williams Bernadette Koch linda Koch Bernadette Koch Stephen Pepmeyer Bernadette Pepmeyer Stephen Pepmeyer Emma Bryan Stephen Bryan Emma Bryan Priscilla Nash Emma Nash Priscilla Nash Kriss Bryan Priscilla Bryan Kriss Bryan April Dacosta Kriss Dacosta April Dacosta Cherri Rodrigo April Rodrigo Cherri Rodrigo Yolanda Robinson Cherri Robinson Yolanda Robinson JaQuetta Townsend Yolanda Townsend JaQuetta Townsend James Walton JaQuetta Walton James Walton Theran Carroll James Carroll Theran Carroll Walter Carpenter Theran Carpenter Walter Carpenter samuel spikesusher Walter spikesusher samuel spikesusher Vanessa Lange samuel Lange Vanessa Lange Stephanie Catalano Vanessa Catalano Stephanie Catalano Bernice Miller Willmour Daniel ronald speir Heidi Beidel Freddie Lee George Allred Todd McDonald Llewellyn Gray Frank Moy Jr Jason Olson Harry James Darryl Conliffe Jocelyn ofton Shirley A Brown Jon Sedlacek Virginia Castillo Trevor Parkins Stephanie Jones Colin Henry Brandon Burbach Eric Fiallo Marcy Musselman Rena Moore Matt Fleeks II Samuel Gutierrez Jr Sidney Stech david wilhite Felicidad Cabrillos Joshua Burkart John Ehret 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Sanderson Lawrence Carinci michael Thomas Linda Kimbley Josue Bellerice Timothy Fabek roberta murray VIDA KORANTENG Alejandro Desiderio Mary Smith Carol Phillips LAURIE MCATEE Jeffrey Chadwell ronald richardson Eric Wooldridge Evelyn Tate Renae Johnson Alan Huggard Jami Textor Alex Rodriguez Jennifer Crocker Thomas Cunningham Thomas Colombo Daniel Leon Robert Magill Jr maria corado Gustavo Alba-Crocker Anthony Shark John Gordon amanda sims EUGENE MASON Paul Sherk Sean Smith lemuel kirk Benjamin Sheppard Joseph Nepomuceno Tiffany Skizinski Armine Janjikyan Reginald McCoy Ronald Ellis Frank Akana Dhruba Giri Dennis Wenthe Terry Pte Milena Acuna Vasilios Vlahos Donna Barnes DOMINICK PUIPURO JR. JOSE RIVERA Justin Villagracia Marquel Matthews NaTasha Gall Lauren Prescia John Berger Bart Vannucci Amanda Haven Charlot Pierre anthony wilson Victor Garcia Flor Guerrero John Ruffolo Theresa Collins tanique bailey Miguel Patawaran paula hernandez Antonio Gonzalez Jeffrey Nabicht Dontrell Strassner matthew montgomery Felicia Hart Marsha Bain Andrews Anisah Rasheed Angela Turlington Rosavel Mora DELBERT REYNOLDS Brandon Pinn Patrick McGinley Sean Foster Sr. Travis Paull Richard Rojas Pualani Kahoonei Charles Hale Geraud Gandemey Jestin Schrake Matthew Johnson Virgiio Villalobos Mayra politis Randy Norman Alejah Villalobos Jamie Benavides Remmari McDonald Mary Huntzinger Ivory Johnson Richard Wynn Evangeline