Subject: File No. 4-606
From: Brian P Nauman
Affiliation: Registered Representative

July 30, 2010

Compliance costs - both in terms of finances and time - are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.

This will mean additional time and expense for my office, which takes time away from servicing and planning for clients, which will mean additional cost to our clients.

I feel the current compliance requirements provides more than enough suitability.

The liabilities of a fiduciary duty will make it difficult to provide services for our clientele. If the fiduciary duty forces us to move to a fee-only model, this doesn't benefit some people. Many of our clients can't afford a fee or will avoid planning because of a fee.

Additional layers of regulations and compliance isn't the answer. This will only cost more and hurt more people. It will be another roadblock for many people, which means many people won't have the option of planning with an advisor.