Subject: File No. 4-606
From: John M Smartt, Jr.
Affiliation: CPA, Tennessee Registered Investment Advisor

July 2, 2013

A uniform fiduciary standard would:

1. simplify oversignt by the SEC and state regulators
2. reduce the extent of doubt/uncertainty in the minds of investors and
3. provide investors with better service (and probably at a lower cost).


John M. Smartt, Jr., CPA
Tennessee Reg Inv Adv