Subject: File No. 4-606
From: Brian J Carroll
Affiliation: Managing Director, Blue Line Financial, LLC

August 24, 2010 more regulation
My clientelle is primarily municipal employees. Should I have to move to a fee based model, I will lose most of my clientelle. They cannot afford to pay for financial services, and generally shy away from professionals who charge a fee.

Additional regulations will only slow my operation down, and allow us less time with clients to help them. As it is now, my office spends countless hours copying, filing, sorting and other mundane activities to stay in compliance. Additional hours of compliance work will cost me more in administrative services and decrease the amount of income I can bring home to feed my family.

Finally, when all is said and done, I don't believe that additional regulations and subsequent compliance paperwork will in any way serve the end client. Clients are still acting on personal choices whether driven by a financial professional or not. The solution is to ensure the financial professional is upto date with continued education and licensing. If licensing is regulated by stricter standards of knowledge, the proposed additional regulations and fiduciary duties would not be necessary.

Brian J. Carroll