Subject: File No. 4-606
From: Nicole L Simon
Affiliation: State Farm Insurance Agent

August 16, 2010

I am concerned that the SEC is considering imposing additional fiduciary duties on Registered Representatives.
We are already held to a very high standard by the industry and our company, State Farm exceeds those standards by providing strict oversight in every aspect of our contact with a client or a prospect to be sure that they are being offered solutions that are in their best interest. I am concerned that requiring "fiduciary standards" may drive companies, including State Farm out of the market as they will increase the cost of doing business for everyone, with the client bearing the brunt of most of the increases in the costs. I am concerned about the risk of additional lawsuits when clients who chose an investment strategy are disappointed in the performance of the market. We should not be bringing legistation that will make it easier to for a client to sue an advisor whent the entire sales process is already so highly regulated in order to guarantee ethical handling. Lastly, I feel that moving to fee based only will mean that fewer lower and middle income consumers will be able to meet with an advisor, at no cost, to obtain the information that they need, without a financial committment, unless they are ready to act upon the advice that is given. The advisor benefits more than the client in a fee-based arrangement.