Subject: File No. 4-606
From: John W Wheeler, Jr
Affiliation: NAIFA DuPage National Committeeman

August 30, 2010

I feel everyone is concerned about proper disclosure and consumer protection. However, the fiducary standard being imposed as being discussed would only add another level of confusion and cause many, who don't currently charge fees, to do so in order toprotect themselves. I think we have seen through Madoff, Arthur Anderson, etc. that method of compensation is not the main problem. With proper disclosure, we have more than enough regulation on the books already. Compliance is already difficult enough and we kill more trees than almost any other industry. NAIFA members already act in the best interest of their clients and the proposed act doesn't define a best interest standard anyway which only opens the door for more litigation. There reaches a point when the marketplace will determine if something is inappropriate or not cost effective. It's not only price or ratings. A registered rep is already subjected to countless regulations and scruitny. As a CFP, CLU, and ChFC I have even further oversight. Let's better enforce the laws we have instead of just passing more.