Subject: File No. 4-606
From: Robert H Colbert

December 17, 2010

From personal experience, and obvious industry standards, it is apparent that "financial advisors" need to be fiduciaries of their clients. Every other industry where there is an agent working on your behalf requires this - why should this be exempt. There is no accountability to the clients and individuals no desire to see true long terms goals met. Merely, incentives from the funds they place with.

Given what has happened in the financial markets in the past few years, it is painfully obvious individuals nest eggs were not the primary concern of the "professionals." Anyone could see that a massive market correction was on its way down the line. The short-sighted gains and selfish greed from the "financial planners" only destroyed the wealth of many Americans who could not afford it. A massive amount of risk was bore by individuals who couldn't afford it. They were convinced their investments weren't risk by these non-fiduciaries who don't make their money off their clients success. That's a moral hazard SEC. Please rectify it.