Subject: File No. 4-606
From: Larry Mahoney, CFP(tm)

August 17, 2010

I am writing to state my opposition to extending the fiduciary standard to broker-dealers and insurance agents. The extension of these these standards will only serve to further reduce consumer choice and thus opportunities for consumers to be able to have a full array of educational and product choices, and all that a free market can offer.

As a CFP(tm) practitioner, I promised to adhere to the standards that the Board of Standards requires. I stand in opposition to the CFP(tm) Board of Standards however, in that they work to diminish what are outstanding services provided by those in the financial community who are not CFP(tm) designees or others that pass their "standards". I have on many occasions, seen insurance agents give far superior education and recommendations to clients than that given by some CFP(tm) practitioners. I feel the CFP(tm)Board of Standards is more focused on self-promotion than they are on truly serving the best interests of the consumer public and the nation at large. There are many private organizations that serve the public interest by educating brokers and agents in ways to improve the lives of their clients' financial lives and frankly they do a great job.

The extension of the fiduciary requirements would be a huge disservice to the consumer public, financial and insurance agents and the country.