Subject: File No. 4-606
From: Lawrence M Tomczak
Affiliation: CLU, ChFC, MDRT life time member

August 11, 2010

Submit Comments on File No. 4-606
Study Regarding Obligations of Brokers, Dealers, and Investment Advisers

In my opinion this is trying to make one size fits all. Life does not work that way. People get compensated many ways, commission, billable hours, bonus, trail commissions.

I disagree that the fiduciary standard has protected consumers better. Basically, the fiduciary standard looks back and enforces breaches retroactively through SEC enforcement or private lawsuits. The suitability standard looks forward and tries to prevent harm to consumers through ongoing and frequent FINRA and broker-dealer audits and compliance process.