Subject: File No. 4-606
From: Gail J Parker, CFP
Affiliation: National Association of Personal Financial Advisors

August 18, 2010

A new client, 87 years old, is being advised on how to invest his proceeds from selling his house. The bank only wants to invest his money they are not asking questions as to his needs and expenses. In my opinion, this is not adequate financial advice, and even this does not provide the client with information that is in his interest. It is what he is concerned about, but his need is not being met.

The Fiduciary Standard should be applied to all who provide investment advice, be it a bank, insurance company, brokerage firm, hedge fund or registered investment advisor.

At a time when Social Security's ability to continue is questioned and growth and returns on investments has slowed, good, fair and clear investment advice is more critical than ever.

The SEC, to protect the overall economy, needs to see that savers and investors are given fair and competent treatment, with the investors' needs being tantamount.
The practice of selling variable annuities for IRAs is an example of manipulation solely for the benefit of the insurance agent. This is just one example.

Within the medical profession there is an oath to do no harm, and the financial profession needs to have an across the board standard for accountability.

Thanking you in advance for doing the right thing, and not capitulating to lobbyists and those who would profit from taking advantage of individual investors.

Gail J Parker, CFP (R)