Subject: File No. 4-606
From: Dallas Bokop
Affiliation: NAIFA

August 25, 2010

To the U.S. Securities and Exchange Commission:

I am writing to oppose the legal fiduciary standard the SEC wishes to impose on broker-dealers and their registered representatives. I strongly disagree that fiduciary duty governing investment advisers provides greater investor protection than the current suitability standard governing broker-dealers. The suitability standard for investment advisers has been applied and enforced.

In this weakened economy, if this misguided fiduciary standard is put in place, it will certainly drive the costs of running our business up and will hinder our ability to serve our clients. We could be forced to a fee only model to protect ourselves from liability. Errors and Omissions insurance coverage will spike. It is unlikely clients will be able to afford to pay up front fees.

Can broker-dealers and investment advisers stay in the business if liabilities become too great? Please take these concerns into consideration. We do not wish to be driven out of our industry.

Dallas Bokop