Subject: File No. 4-606
From: Annette P Shanks
Affiliation: NAIFA

August 26, 2010

I don't understand how additional fiduciary regulation of any type would prevent the problems we saw during the last meltdown in 2008. Every piece of paper leaving my office to clients has been through compliance.
I believe heavier regulation will prevent me from having an honest conversation with clients about the risks invlolved with investing. I will simply pull out a brochure and have them read it. We know how well that works for 401k particpants who are the larget portion of folk who make huge errors with their portfolios and lose the most.
Any regulation should be based on common sense principles. Good people will leave my industry. The crooks will always find a way around or don't care about regulation.
Bottomline is....the consumer pays the price.
The problems created during the last meltdown were the fault of insiders, banks, traders and other large institutions. Not Advisors serving their clients.
SEC should have shut Madoff down years ago. You were asleep at the wheel. Don't make us and our clients pay the price for the big guys mistakes.