Subject: File No. 4-606
From: Lorne M Wiggins
Affiliation: New York Life, NAIFA

August 20, 2010

To whom it may concern:

I am strongly opposed to federal regulation which imposes unnecessary restrictions upon those in the financial services industry.

Here are several reasons why:

increased regulation will increase compliance costs-both in terms of finances and time, and those costs are eventually felt by clients.

Moving to a fee based model will result in fewer people meeting with representatives. Although this will guarantee less people are selfishly manipulated, it also guarantees that people will be left without a proper plan in place.
There is enough legislation in place already that can find and punish unethical representatives. To impose this restriction would prevent those who are practicing legally and ethically from meeting with first time clients.

Unethical practices are a danger and must be guarded against. We must also recognize that life is also treacherous and being without a plan often is far more deliterious than being unethically counceled.

I admonish you to realize this and restrain your zeal. Do not cause greater harm in order to prevent harm.