Subject: File No. 4-606
From: David J Mills
Affiliation: CLU ChFC

August 24, 2010

Adding Fiduciary standards as a better way of protecting the little guy in our society would do just the opposite. I've been in the ins/investment business for 37 yrs and have always tried to do the best for my clients. There is already an enormous amount of compliance I deal with in setting up IRA's, small savings plans, variable annuities, mutual funds etc. The market is terrible right now and many of my clients are looking for advice. My sales are way down in the securities area and hence my income is down in this area also. It already costs alot of money, time and frustration to stay compliant. By adding a fiduciary standard the costs will go up again. I will have even less incentive to continue in the securities business. My clients will suffer. This happens almost every time Washington tries to 'help'. It's obviously occuring with health care. Sure you have shysters who prey on people. No amount of law making will rid us of them. Too much law making will get rid of those hard working, honest men and women trying their best to serve the people who need it most