Subject: File No. 4-606
From: Concerned IAR

August 10, 2010

I am an IAR conservative registered republican who says FINALLY A bill that makes sense

On the front line every day I witness blatent lies under the guise of a watered down 'suitability standard'. Wall Street Insurance Company Executives (and their representatives) have a perverted obsession with commissions and are not capable of admitting to themselves the extent of their conflicted interests. These firms typically act in their own best interest instead of those of their clients. Agents and b/d's currently have no requirement to do otherwise. It's all about the almighty commission and nothing else.

What's worse, even RIA's and IAR's who are held to a fiduciary standard systematically deceive the public through deceptive sales practices, manipulation and outright non-disclosure of material financial conflicts of interest both direct and indirect.

Imagine being a client of an IAR and realizing after the fact that his recommendations had something to do with the fact that the IAR's entire comp plan and employment depended on the sale of his employers proprietary products. Would you wonder if his advice was biased?

It's not a matter today of whether or not every financial professional should act in their clients best interest...that's a must. My question Mr. Dodd Frank is how are you going to 1. Recognize failure to abide by the fiduciary standard and 2. Enforce it even if you do enact a fiduciary standard for b/d's and agents?

You've got a monumental task on your hands and I think you've only scratched the scratch on the surface with this bill.

Concerned Advisor.