Subject: File No. 4-606
From: Michael J Axton, CLU,ChFC
Affiliation: NAIFA

August 24, 2010

It has been quite a challenge for some years nowto keep up with the ever burdening regulations imparted upon those of us who already know and practice fiduciary responsibility and compliance. Between the market instability and compliance we have been nearly choked out of a career. I have spent untold time, money and effort on compliance. We have to suffer through enough compliance measures that are not necessary. If the people who dream upthese regulations had to actually work everyday in our industry or if they even ever have worked in our industry they would see that they are causing much burden and little value to the industry. It is not cost effective or effective otherwise to us or our clients to have to keep adding layer after layer of compliance. Eventually we will be forced to only offer one way to do business with our clients because of this ongoing nightmare. The bureaucrats who aimlessly put this together will help get the professional advisers out of the industry. How sad a commentary.