Subject: File No. 4-606
From: Paul L De Lisio, CLU/ChFC/CFP
Affiliation: Registered Representative/Investment Advisor

August 25, 2010

I have always acted in the "best interest" of the client though recently the increasingly ownerous rules regulation impose so many more "hoops" to jump through it is increasingly difficult to adequately service advance the interests of my clients especially in this turbulent economic environment with the level of trust the abuse of same in the media regularly. The additional "fiduciary standard" will only increase my cost in personal staff time effort without additional value to my clients while impeding my ability to do business. I hear that the goal is to assist small business owners to succede while protecting our customers but this duplication additional level of regulation causes paralysis with additional litigation causing further paralysis in the course of assisting the American public in accomplishing what is most desperately needed-FINANCIAL INDEPENDENCE.

The suitability standard is both robust heavily enforced. To maintain my licenses designations with their continuing education requirements are significant, reducing time with my clients.The constant return of documents with recall of clients to change minor details add little to their security actually erode their confidence in me, my staff the industry.