Subject: File No. 4-606
From: Nicholas Kralj
Affiliation: Registered Representative

July 30, 2010

I AM LEARY OF A FIDUCIARY STANDARD UNLESS A TRANSFER OF LIABILITY CLAUSE IS AVAILABLE FOR ADVISORS SIMILAR TO ERISA 404(a) and 404(c) FOR PLAN SPONSORS, which eleviates a fiduciary of liability if they take 'prudent' action based on the construct of the provision above and on facts and circumstances.

If there are guideposts such as this, then litigation has boundaries to review cases within. (For example, did you educate the client, did you document decisions, did you meet regularly, etc).

(Attached File #1: 4606-232.pdf)