Subject: File No. 4-606
From: David Klein
Affiliation: Financial Representative, Northwestern Mutual

August 10, 2010

My greatest concern regarding the fiduciary standard is that it will make it more cumbersome and costly to do business, not only for me but also my clients. In addition to paying 3 full-time staff people to make sure we play by the rules, the additional standards will increase the amount of paperwork and errors and omissions protection we need to carry, each of which has a direct effect on the cost of doing business. As someone who prides myself in working with middle-America, a fiduciary standard and fee-only model combined with an increased cost of doing business will provide a very significant barrier to middle-Americans seeking financial help. I truly feel this barrier will deter many, many people from seeking the services of a professional, thus leaving them to either manage their financial investment and insurance programs on their own (which most people don't do well) or be dependent on the Government and Social Security for their financial stability. Please do not change our industry standard from one based on suitability to one based on fiduciary standards. Thank you