Subject: File No. 4-606
From: Todd O Sander
Affiliation: Chartered Life Underwriter, Chartered Financial Consultant

August 17, 2010

Current regulations provide strong and appropriate consumer safeguards. Requiring compliance with "fiduciary standards" will drive many advisors out of the market and eliminate a valuable advisory resourse to consumers, especially in middle- and lower-income markets. Any additional cost to the advisor is passed down to the consumer wich demotivates the consumer to use advisor services. If you look back in history investor behavior withhout advise creates a substantial lower return. Driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advise for the consumer.