Subject: File No. 4-606
From: Randy Rhodes

August 16, 2010

I wish to comment on the proposed regulations that the SEC is considering implementing.

Suitability standards currently governing broker-dealers and registered representatives are already stringent and heavily enforced. Current regulations already provide strong and appropriate consumer safeguards.

Requiring compliance with 'fiduciary standards' will drive many advisers out of the market and eliminate a valuable advisory resource to consumers, especially in middle- and lower-income markets.

Additional risk of lawsuits involving registered representatives will increase costs to consumers.

Driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advice for the consumer.

I am a strong believer that we do not need new or more regulations, but rather education and direction.

Please do not let a small number of bad apples ruin and infect the entire bushel of good, honest, and hard working advisors.


Randy Rhodes