Subject: File No. 4-606
From: Anthony DeFranco, Jr.
Affiliation: CPA

August 18, 2010

Please support the fiduciary standard. I am in the financial services businesses, I am a CPA providing accounting and tax services, and it is unacceptable that consumers are mislead into believing when they go to a "financial advisor" to have their money managed or invested, that this person is always acting in their best interest. I can no longer recommend a "financial advisor" to my clients since I have had such horrible experiences in my clients getting involved in risky or inappropriate investments just to generate commissions to a "financial advisor". These "financial advisors" many times lack the education or care to properly advise a client. Unfortunately some of the "financial advisors" will be selling investments one day, then leave the business and be selling used cars. To them it does not make a difference what they are selling, as long as they are earning a commission. The public does not realize this and they many times put their hard-earned money into the hands of a "financial advisor" who is not a true professional.