Subject: File No. 4-606
From: Phillip Howard

August 18, 2010

RE: File No: 4-606
Dear Ms. Murphy:
I am a certified financial planner and Investment Advisor Representative. In my practice, I have been servicing clients for 18 years. I strongly urge you to NOT extend the Advisers Act fiduciary standard of care to all financial professionals who provide personalized investment advice to retail clients.
Consumers are not confused by the current system. I have found most financial service professionals are caring, honest, and ethical there are on occasion some who are not but this is true for all professions.
My clients recognize and understand that the advice I give them is in their best interests, because: my loyalty is to them first as it is with all good professionals.
I urge you to NOT recommend to Congress that it is necessary and appropriate in the public interest and for the protection of consumers to extend the fiduciary standard to broker-dealers, who provide personalized investment advice.