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The following Letter Type C, or variations thereof, was submitted by individuals or entities. Letter Type C:Dear SEC, This Dodd-Frank bill is written with good intent but will destroy the insurance planning careers of many talented and honest advisors. The bill will only open the floodgates for frivolous lawsuits much like what happened in the UK years ago. Retirement for many in England is that of being dependent on the government mainly because almost all financial advisors came to the point where they were regulated to the point that it didn't make sense to continue their careers. This bill will only pass along cost to the consumer and is unnecessary as we already have a suitability standard that advisors have to live up to. The definitions of "fiduciary standard" are impossible to view or define objectively. The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. Compare and contrast it to how you see the fiduciary standard governing investment advisers is applied and enforced.
This bill has good intent as said earlier however it is totally unrealistic. I beg you to alter the bill and eliminate the "look back" liability and continue the current suitability standard we live with now. I believe we are already acting in the "best interest" of our clients, the Act does not define what the rules are for compliance with a legal "best interest" standard - thus subjecting registered representatives to the potential of never ending lawsuits. For example, is "best" the cheapest recommended product? The "best" premium relative to the benefit of the product? The product with the "best" historic underwriting and service standards? Is it the one from the carrier with the "best" rating? The fiduciary standard in essence adds a vague legal liability standard that looks back (sometimes after many years) and is enforced after the fact by the SEC or trial lawyers who have perfect vision in hindsight. This cannot be allowed to pass. In the best interest of our Nation I urge you to look deeper into history and compare this new regulatory bill to what happened in the UK. PLEASE DO NOT ALLOW HISTORY TO REPEAT ITSELF Respectfully submitted,
http://www.sec.gov/comments/4-606/4606-1234.htm
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