Subject: File No. 4-606
From: Jeff Marsh
Affiliation: Financial Adviser, Eagle Strategies, LLC

August 24, 2010

Thank you for allowing me to comment.

Regulation and compliance with those regulations set forth by the SEC and other regulatory agencies are a necessary part of our industry. I do not agree, however, that additional regulation is necessary for the protection of my clients we serve.

We are restricted in the materials we present and the information we distribute to our clients and prospects. Penalties and implications for failing to meet these standards are already imposed by my broker-dealer, NYLIFE Securities and also FINRA and the SEC.

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.