Subject: File No. 4-606
From: James R Reim
Affiliation: CFA

March 27, 2013

A single fiduciary standard requiring government enforcement is a bad idea. Well advertised recommendations of minimum standards that advisors should be encouraged to live up to is a better idea. Just as you cannot legislate morality, you cannot create and enforce standards of care. The Wall Street Banks would just love to advertise their superior standard of care when the truth is they have more interest in profits for themselves than profits for their clients. The best investments for clients and their investment returns are the best thing for the SEC and FINRA to promote and work towards. Beginning with the end in mind, a more knowledgeable client and hard working advisors is what we want to end up with. Lets promote investment education at every level. This is what will stop the next Bernie Madoff.