Subject: File No. 4-606
From: Robert C Guenzel, Jr
Affiliation: Financial educator

August 27, 2010

The financial industry is already collapsing under regulation. Most financial professionals are perfectly honest and trying to do a good job for their clients. More regulation will flush the baby with the bath water.

#9650 Suitability standards currently governing broker-dealers and registered representatives are already stringent and heavily enforced. Current regulations already provide strong and appropriate consumer safeguards.

#9650 Requiring compliance with 'fiduciary standards' will drive many advisers out of the market and eliminate a valuable advisory resource to consumers, especially in middle- and lower-income markets.

#9650 Additional risk of lawsuits involving registered representatives will increase costs to consumers.

#9650 Driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advice for the consumer.