Subject: File No. 4-606
From: Bruce R Wagner

August 26, 2010

I am apposed to the fiduciary standard for all representatives giving advice. I believe that this will provide a significant hardship for the smaller investor who needs advice and cannot afford the fees that would be required. I also fear that many very good advisors would leave the business due to additional regulatory requirements and oversight. I am a member of the Financial Planning Association and understand that my opinion is contrary to theirs. I do not think that the average member of the FPA works with enough of the average people that they can see the potential unintended consequences of this legislation.
The rich of the world can afford the best, most expensive advice available, the average Joe on the street cannot and will be significantly harmed by this rule.
Thank you,
Bruce R. Wagner