Subject: File No. 4-606
From: Randall Smith

August 16, 2010

We are trained to tell the prospects or clients the difference between commissioned and fee-based advisers. Can the SEC honestly say that people who had used fee-based advisers did any better over the last several market corrections? That should impact your decision.

People should be made aware of the differences, say through a pamphlet that we could be required to hand out, but ENOUGH of the federal government trying to create a "Nanny-State." Geez, even God gives us the power to individually choose to believe in salvation, so why can't investors make their own decisions?

We can't protect all people from their own stupidity or greed. Even I, a trained financial representative with two master degrees in business, lost some money in the latest stock market melt-down

Don't create a scenario like President Obama did for many skilled physicians. One of my grandmother's older specialists says that he will quit retire on what he has saved if Obama-care is as bad as he thinks it will be. You will lose a lot of skilled professionals as well in the financial services industry if you make it too cumbersome to operate a financial services practice.

Why doesn't the SEC fix itself first?? Need I remind you of Bernie Madoff?