Subject: File No. 4-606
From: John M Lloyd
Affiliation: Series, CLU, ChFC

August 4, 2010


I have been a Registered Rep for over 25 years. The changes in regulation and compliance have changed dramaticly. It is vertually impossible to work in this industry because of compliance and regulation. It is almost impossible to work with a client when someone who has no idea of what the client wants is second guessing everything you do. We are tested, examined, interviewed and watched constantly.

It appears as if we are being regulated out of business when the true bad apples have been taking advantage of people for years. Wall Street, major corporations, banks and the Bernie Madoff's hurt millions of people and I am scutinized for selling a Variable Annuity or a Mutual Fund.

Frankly beacuse of regulation, complaince and fees it is not worth being in this business. If you force the average RR out of the insutry who are the small investors going to go to. Do we offer them up to the large firms and big fees?

I appreciate your time in reading this correspondence.