Subject: File No. 4-606
From: William F Baldwin
Affiliation: CLU,ChFC

August 16, 2010

I've been securites licensed for over 20 years. The SEC needs to make everything a fiduciary standard. Grandfather exisitng contracts and make all new business going forward fiduciary fee only. The market will adjust. The consumer is needlessly confused now. For those newer agents or captive agents, they can get properly licensed, and then sell fee based produts as employees and get bonuses based on sales volume. The consumer would know upfront they would be shown a limited array of products. How can anyone truly say what is "suitable" for the client if they only show a consumer what is non fee? These proprietary companies are extremely capable of competing with fee based products. This way the middle class will be better served and the "underserved" argument will be mute. Please take your backbone out of the closet, unlike our elected officials, and not cave to the industry PAC money that want to keep everything business as usual- a confusing, expensive mess, that only benefits the companies (banks,broker dealers, clearing firms,insurance companies,mutual fund companies, etc). It sure does not benefit the consumer/client. If reps or companies can't adjust they should get out of the business. It is really that simple. Thank you.