Subject: File No. 4-606
From: John J Deering
Affiliation: Registered Rep, Principal Financial Group

August 26, 2010

I have been a registered rep since 1986. I have never had a problem with a client that resulted in a complaint. I value my relationship with my clients and work diligently to provide information and strategies that match their tolerance for risk and, most importantly their lifestyle(ability to understand investments and comfort level with long term market committment).We are,now,very heavily regulated with education requirements, compliance meetings, file restrictions and regimes, privacy issues and disclosure. I feel it will be of no benefit to make me a ficuciary on top of all of this. The penalties for misfeasance or malfeasance are severe and that, plus integrity and the love of my career are all of the deterent we need to act in a careful and professional way. We do,contraty to some opiniion, provide a valuable and useful service to our clients and I just want the freedom to continue doing so.