Subject: File No. 4-606
From: Gregpry A Berstler
Affiliation: LUTCF

August 26, 2010

I appreciate the intention behind all of this, but feel that our industry, particularly as a registered rep and investment advisory representative of a BD and an RIA, is already heavily and appropriately regulated.
Prior to the advancement of this bill, I believe it would be highly prudent that the term "best interest" be heavily defined. As it sits, it seems to be far too loose and arguementative, inviting incredible opportunity for random and opinionated interpretation.
The market by nature has inherrent risk involved to an investor. Both the advisor and the consumer need to be aware of that. Because a client has the potential to lose money in an investment, doesn't necessarily make it not in their best interest. Trust me, having market losses is not the intent or desired outcome. Often, if not always, the consumer would like to have all the market returns in a bull market, and none of the downside in a bear or negative market. Unfortunately, that product has yet to be developed and likely never will. Please understand that there are far more good advisors than bad, and most of us do genuinely care about the client and the monies that we are entrusted.