Subject: File No. 4-606
From: Margaret Wilkerson
Affiliation: Registered Representative

August 24, 2010

I have worked in financial services/securities for over 20 years. I have the highest regard for the "suitability" standards of our industry: working in the best interest of our clients and prospective clients is paramount. We are highly regulated, yet when I read through the proposed "fiduciary responsibility", I envision an enormous escalation in the requirements for us to do business. This translates to more cost in both time and labor--costs that must eventually be borne by the customer. I wonder if perhaps, despite a person's best efforts at research, documentation, etc., registered reps would become subject to the same type of "malpractice" suits that have plagued the medical industry. This is especially probable given the subjective nature of the proposed changes. Continue to enforce "suitability", but please don't stymie the efforts of honest, hardworking reps and agents with convoluted compliance.