Subject: File No. 4-606
From: Anne M Rubeo

August 9, 2010

At the present time, the suitability standards governing broker-dealers and registered representatives is a robust and heavily enforced standard. In contrast, a legal fiduciary standard would impose unnecessary consequences to broker-dealers, representatives and consumers.

Currently, I have CLU,ChFC, CLTC, LTCP, LUTCF designations, all of which have strict codes of ethics and continuing education so that my clients receive the best advice I can give them based on this constant education.
I am examined every quarter by our Compliance Dept. and a major compliance review once a year.

The current Compliance requirements are very time-consuming both for my staff and me. The required paperwork is onerous. All of this is time consumng and takes away from the time I need to service my clients and to find new clients to sustain my practice.

The liabilities of a fiduciary duty would mean increased costs to me and affect my ability to serve my clients. Also, there should be consideration as to the following:

1.Will moving to a fee-only model result in better, unbiased advice
2.Will I be forcced to a fee only model to protect myself from liability?
3.Can my clients afford to pay up front fees or will they be will to?
4. Will the liaibilities drive up my errors and ommissions coverage?
5. Will I be able to stay in business if liabilities become too onerous?

Too often Government Entities who know nothing of a particular profession or industry, take it upon themselves to make policy in the name of protecting the consumer, and what they finally do, is cause more problems and costs.

It is my opinion that you should not even consider this fiduciary standard.