Subject: File No. 4-606
From: William T Schenck
Affiliation: Management Associate, Principal Financial Group

August 25, 2010

The existing suitability standard governing Broker-Dealers and Regostered Representatives is comprehensive and heavily enforced.

The added costs associated with the addition of a redundant and unnecessary layer of regulation means higher costs to the consumer.

I maintain Series 6, 63, 65, 7 registrations in addition to my Life, Health and Accident Insurance licenses. I am required to fulfill annual Compliance and Continuing Education requirements that keep me up to date with industry changes in addition to the extensive requirements mandated by my BD and the Life companies I represent.

I DO NOT DO FEE-ONLY WORK. My compensation comes from the carriers I represent if and only if their products are a suitable match to my clients' needs. Were I to need to take on fiduciary responsibilities (that are already met and serviced by my BD), I would have to begin charging fees, further raising my clients' costs. My Errors Omissions insurance costs would surely climb, due to the added liability. And to be clear: Fee-only models do not lend themselves to better and more unbiased advice.

Please do not "Help" the public out of any more of their hard-earned dollars by raising the costs of trying to become financially secure.