Subject: File No. 4-606
From: Stephanie A. Walsh, CLU, ChFC, CASL
Affiliation: AXA Advisors

August 3, 2010

It is important to understand the compliance we are now subject to presently: annual compliance meetings (all day), annual audits of our files and frequent changes to stricter guideline requirements, including files, communications with clients and potential clients, marketing practices, phone calls, etc. The ultimate costs of these many layers of compliance requirements are ultimately borne by the client/user of our products and this hurts the public in the long run. I am primarily a life insurance agent and feel it should be unnecessary to have yet another layer of compliance requirements added to the very high standards we already place on ourselves and those that are placed on us by our companies, FINRA and the asssociations to which we belong.
Thank you -
Stephanie A. Walsh, CLU, ChFC, CASL