Subject: File No. S7-15-10
From: Joseph Pheifer
Affiliation: President, Summit Financial Consultants Inc

August 19, 2010

Ms Murphy,
I appreciate your time on this matter, it would seem that the SEC is not recognizing the full impact the proposed changes could have on investors , I believe that he changes would most notably make financial advise less available to small investors , and although the changes to my personal business would be minimal it would surely create an environs wee our ability to take on smaller portfolios would be in question.

Mr Joseph Pheifer
Summit Financial Consultants Inc