Subject: File No. 4-606
From: Clifford S Webster
Affiliation: CFP, CLU - agent for Northwestern Mutual Investment Services

August 24, 2010

I have been Series 7 and 6 licensed for 15 years and have been a Certified Financial Planner for almost 10 years. Over that time period the compliance requirements have increased dramatically and that has generally been a good thing. Within our Northwestern Mutual office with 45 agents we have had a full time compliance officer for the past 10 years. Every email I send out is filtered and every letter I send out related to securities or proposal I provide to my clients must be preapproved by the compliance officer.
Between the CFP and Registered Representative requirements I have approximately 25 hours a year of continuing education requirements.
Adding another layer of regulation will create another layer of bureaucracy without an offsetting benefit to my clients, though they will directing or indirectly pay for it.
PLease do not pass the Fiduciary Standard for Registered Representatives.