Subject: File No. 4-606
From: Paul Ehrsam A Ehrsam

March 28, 2013

Having different levels of duty based on type of services rendered is prefferable to a one size fits all regulation. What is important is that the client / customer is clearly informed about the fiduciary duty (or lack thereof) encumbant on the provider. As the fiduciary duty to the client increases, so does the cost. Not all investors need to pay this added cost. Better disclosure by the providers will enable the client / customer to make a more informed decision about the level of duty they need to accomplish thier goal.