Subject: File No. 4-606
From: Spencer R Pierce

August 26, 2010

I have been a registered representative for 6 years. I spend most of my time help lower wage earners to be educated and make good decisions for their future security and evently there retirement. I don't deal with million dollar accounts and I don't even usually deal with $100,000 accounts. I have to keep my cost as low as possible in order to be able to afford to service my clients and stay in business. Right now I spend about 25% of my time on compliance related issues. Compliance as an industry keeps growing and growing with so many regulations that have been implemented, and I have not seen the real benefit to the customer, they bear more cost to cover our costs, and customers have lost the opportunity of being serviced by many wonderful, sincere reps that have been forced to leave the business due to the costs of compliance, and the headaches.

While Madoff and his like have managed to stay undected under all of these layers of regulation and compliance.
Please don't keep driving the honest, well intentioned registered reps out of business under the burden of a fiduciary standard.

Thank you for your time

Spencer Pierce