Subject: File No. 4-606
From: John V Martin, CLU, ChFC

July 30, 2010

So you think applying the fiduciary standard to our industry will solve a lot of problems. Why dont you apply it to yourself first? Enough regulation already

The regulations and oversight we deal with now, makes serving our clients difficult as it is. Most people want help planning their investments. Our hands will be tied to the point we will not be able to help anyone should this fiduciary standard be required of our industry.

You cannot regulate ethics, and that is what you are trying to do. If someone wants to take advantage of someone they will do it regardless. Those of us that work hard to do well by our clients (which is most all of us), will not be able to continue to serve under this undue burden.

If you would work as hard to enforce the already burdensome regulations that are in place now as you do to think of new ways to regulate our industry, there would be very few problems. Making more regulations will only complicate what problems we may have now.