Subject: File No. 4-606
From: Tracy Francis
Affiliation: Reg Rep

August 24, 2010

RE: SEC from Imposing a Misguided Fiduciary Standard on Registered Representatives

The Dodd-Frank Act does not define what the rules are for compliance with a legal "best interest" standard - thus subjecting registered representatives to the potential of never ending lawsuits. For example, is "best" the cheapest recommended product? The "best" premium relative to the benefit of the product? The product with the "best" historic underwriting and service standards? Is it the one from the carrier with the "best" rating? The fiduciary standard in essence adds a vague legal liability standard that looks back (sometimes after many years) and is enforced after the fact by the SEC or trial lawyers who have perfect vision in hindsight.

This type of situation will likely push MANY people out of this field. We will have to shut our doors and our clients will feel abandonded. Clients will have fewer and fewer advisors/reg reps that they will be able to choose from. The investment options will grow smaller and smaller and large investment firms will be the only one the investor will be able to find to do business with. Except they can't do business with the large firms b/c to take on the risk the investment firms will have to limit their client base to larger and larger accounts to make it with the increased risk. Smaller investors will be pushed to the way side and will either put their money under the matrice or will not invest at all. We need these small and medium sized investors to invest and spend money to try to get our current economy back on track.

Please do not move forward in the Dodd-Frank Act.

Tracy Francis