Subject: File No. 4-606
From: Kyle Herman
Affiliation: NAIFA

August 17, 2010

My name is Kyle Herman and I am a registered representative in Bismarck, ND. I hold my series 6 and 63 securities license. I have found that currently there is a ton of things to comply with when it comes to securites. I am constantly filling out additional paperwork and documenting everthing to make sure I am in compliance. I serve lower end clients that do not have a ton of money to invest therefore I am not making a whole lot of money per client. If there is additional regulation that causes me additional cost in staff and other things I may not be able to serve these clients. The average person will be the ones getting hurt because they don't have a lot of money to invest and therefore there are a lot of advisors that do not want to work with them.

If the liabilities of fiduciary responsibility become too great I many not be able to stay in business. I have talked to a lot of other people in the financial services business and they feel the same way. They want to help their clients the best they can, but if it is unprofitable they will not be able to continue to serve the middle market.

Please consider the well being of the average american with your decision. They will be the ones most affected by additional regulation.

Kyle Herman