Subject: File No. 4-606
From: Clark Ulrich

August 24, 2010

I am a financial advisor and am concerned about the new fiduciary rules that are being considered. I have many clients who cannot afford to pay the fees I would have to charge to be a fee only advisor. This will eliminate many clients who can now get into investing as it will become cost prohibitive for them to "hire" an advisor which they need to navigate these troubled times. This will eliminate many low and middle income families from starting an investment program. Also, if the measure passes, it will cost me more to be in business through added liability errors and omissions increases and other fees that I will have to pay and then pass on to the consumer. This will put pressure on advisors who are currently doing business forcing many out of the business and increase the unemployment which is just opposite of what we need right now. The suitibility standards currently in place are adequate and work well. Since we as advisors cannot predict the market, we do the best we can for our clients. The new fiduciary standard currently considered would open up a flood of lawsuits and drive costs way up and again force investment professionals out of business leaving many of the general public left to their own decisions that commonly and often are the wrong ones as emotions get the better part of their decisions. I strongly oppose the fiduciary standard proposal as it will have unintended consequences that will devastate the consumer and financial professional.