Subject: File No. 4-606
From: John Michael Stevens, CLU, ChFC

August 26, 2010

My comments are attached in letter format.

While it may be the "highest" of standards, the fiduciary standard is unenforcable.

I deal with "middle income" America. My clients have told me they will not pay a fee for service.

Crooks will still be crooks. But many of the "good guys" may leave the business when regulation is omnipresent.

No regulation is not good. Over regulation is not good. There is enough current regulation of the finanical service professional.

Please be prudent--not reactionary.

Mike Stevens

(Attached File #1: 4606-2247.pdf)