Subject: File No. 4-606
From: Robert A Lockerman, Jr.
Affiliation: President, CFA Society East Tennessee

May 8, 2013

I strongly support a uniform fiduciary standard for all financial services professionals providing personalized investment advice. A uniform fiduciary standard will help to protect the interests of retail investors by raising the quality and objectivity of the advice they receive. I believe the fiduciary standard can be applied in a way that is consistent with commission-based compensation structures, and I encourage the SEC to facilitate the integration of the fiduciary standard into existing commission-driven business models.