Subject: File No. 4-606
From: Anthony P Bertasi, JR

July 30, 2010

The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. Compare and contrast it to how you see the fiduciary standard governing investment advisers is applied and enforced.
#61607 Compliance costs-both in terms of finances and time-are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.
o The costs of doing business is going way up especially since our office has had to hire someone whose sole job is keeping up with compliance? This greatly inpacts the costs and my ability to serve clients.

o My clients may not be able to afford to pay up front fees or be unwilling to pay them.
o Errors and omissions coverage premiums will probably increase?
o I probably will quit the business if liabilities become too great?