Subject: File No. 4-606
From: Jimmy Stewart, AAMS, CFP
Affiliation: Edward Jones Financial Advisor

August 25, 2010

Dear Sirs and Madams,

I believe requiring a "Fiduciary Standard" of all investment professionals will create an undue burden on the retail investment firm that works with primarily the "middle class", and the average working American. It will raise the costs of serving these investors to a point to where it will be prohibitively expensive to serve them. We will end up with a system whereby only the wealthiest will be able to afford getting help negotiating the already complex world of finance and investment. This will also further discourage ownership of capital assets by the general public, and promote further litigation in an industry already riddled with it. I think all investment advisors should serve their clients in the highest ethical manner and should ask themselves "is this a recommendation I would make to my own mother, if her investment needs and objectives were the same?" Trying to legislate ethics and good behavior never works. We already have plenty of rules and regulations on the books to address these concerns. More "rules" are not going to make unethical people who don't follow the rules we already have, follow new rules. They will just increase complexity and thereby costs.
So I respectfully urge you to not enforce a mandated "Fiduciary Standard" on all investment professionals.
Thank you,
Jimmy Stewart, AAMS, CFP