Subject: File No. 4-606
From: Patricia Festino
Affiliation: Photographer

August 29, 2010

I feel very strongly that brokers should have some kind of fiduciary responsibility. I had an experience my father who was in his mid 90's wanting to buy a $150,000 bond from Wachovia. I found the bond they sold him had a 9.5% front end load and an exit fee. My father was no dummy having graduated with a Phd from MIT.

I had been a Schwab customer for years and was outraged at this broker.

I think that the brokers, and all persons dealing with other peoples money should have a document they put before the potential client for a signature, requiring the client to read before engaging, and that clearly explains the differences between these classes of money managers and the fiduciary responsibilities of each and which pertains to them.

Real Estate agents in Florida must do this.