Subject: File No. 4-606
From: Michael L Bull

August 26, 2010

In regards to the current proposal for SEC changes, I wish to express my opposition to this proposal. In over 30 years of serving the financial needs of my clients I have never had a concern as to the compliance issues due to th constant reinforcement and training provided to keep the clients situation in the forfront. With the compliance regulations that are now in place reps. are being subjected to review in order not to place a client in an adverse investment risk. Changing to a fee based program allows some unclear regs. that may put many expert investment people out of business due to fiduciary uncertainty. Thank you for your consideration in not going forward with this proposal.