Subject: File No. 4-606
From: Kevin Palmieri
Affiliation: CFS

August 24, 2010

While I do understand that regulation is a necessary element of our industry, I also believe this new "fiduciary" effort on behalf of the Dodd/Frank Act is a bit too "misguided" and almost reckless. Suitability is the backbone of our business, bottome line. And this effort of compliance is an absoulte component in protecting our clients as well as our practices. When done correctly, each client knows where they stand, what they are getting advised on , and what potential products and services are being recommended. If these type of laws go into place, there will be: a) too many disgruntled clients potentially looking backward and placing blame in the wrong direction b) a massive monopoly and disruption of free markets in our financial system

I am all for accoutability to the very few bad apples out there who have directed clients down the wrong path. But I am more concerned with potentially punishing an entire industry, and disrupting a already highly regulated system. Clients will get hurt, our industry will be flawed, monopolies will exist, and costs of doing business will rise in every element. Thank you.