Subject: File No. 4-606
From: Tim Moran
Affiliation: Insurance agent Investment Adviser Representative

August 1, 2010

It is my opinion that the level of regulation we are currently under as advisers is clearly comprehensive enough.

The suitability standard that we currently operate under is sufficient. Another layer of regulation will only increase expenses that will eventually be passed onto our clients. As advisers, we are currently governed thru FINRA and have a check balances system thru Broker Dealer audits internal controls. We are closely regulated already. I am concerned the new fiduciary regulation may drive good competent Advisors to a point of regulatory frustration and leave our industry.

Please do not change the regulation now and please keep our current regulation model alone.


Tim Moran, LUTCF