Subject: File No. 4-606
From: Daniel R McGrain
Affiliation: Financial Consultant , AXA Advisors, LLC

August 12, 2010

U.S. Securities and Exchange Commission,
I understand we need to regulate Securities Licensed Agents but I think the new proposed regulations could easily subject agents to never ending lawsuits. Lawsuits will increase costs to consumers and drive advisors out of the market and eliminate a valuable resource to consumers, especially middle and lower income families and individuals. Current regulations already provide strong and appropriate consumer safeguards. Driving every registered representative to fee only compensation will not necessarily result in better, unbiased advice for the consumer.
Dan McGrain, Financial Consultant, AXA Advisors, LLC