Subject: File No. 4-606
From: William M Boyle

August 23, 2010

In regards to the study I have great concern. It is my feeling that the suitability standard will protect consumers better than a fiduicary standard will. The suitability standard is meant to protect consumers. The fiduciary standard will enforce through punish misconduct after the breach occurs.

The suitabilty standard requires that all investment advisors are engaging in suitable practices. This method is the best suited regulation.

No further regulation is needed.