Subject: File Number 4-606

August 30, 2010

The definitions of the difference between brokers, dealers, and investment advisers are easy to understand when you read them but not easy to remember—and the definition of dealers was one I had never heard or read before reading about this survey you are taking (read about it in the Sunday The Record, NJ).

If you can come up with better names or require that when John Smith (i.e., anybody but the professional investors) wants to invest or sell, the person he goes to, be that a broker or dealer or investment adviser, (i) describe themselves as one of the three types, (ii) go over the definition of that type, and (iii) ask John Smith if he understands the definition. Perhaps the b/d/ia has official brochures to hand out and gets John Smith to sign off that he understands the type of person he is dealing with.