Subject: File No. 4-606
From: Sonya L Barclay
Affiliation: Registered Representative, Walnut Street Securities, Inc.

August 24, 2010

While I agree that regulations are important and required in the financial services industry, imposing legal fiduciary liabilities to an already heavily regulated industry in which Registered Representatives must already undergo rigerous compliance will only hurt our clients by adding another layer of regulation and more costs. Having Series 6 63 registrations, I am already subject to 4 compliance audits per year and the annual Firm Element and Regulatory Element. I do not believe moving to a fee only model will result in any better or unbiased advice. It is my belief that the majority of registered representatives already act in the best interest of their clients. There is always going to be some abuse in any area of business. I think the Dodd-Frank Act will subject 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 one from the carrier with the "best" rating? The fiduciary standard looks back and the suitability standard is forward looking.