Subject: File No. 4-606
From: John Kvale, CFA, CFP
Affiliation: J.K. Financial, Inc.

April 7, 2013

Dear Sirs,

Given the variant views and positions many may have depending on their investment situation, as a twenty year plus experienced professional who deals with retail investors, I wish to make two simple suggestions.

A simple suggestion for a Fiduciary standard comes in two words, What and Who


Investors do not understand what Fiduciary is, and what it means, ANY clarity on this matter will be very helpful.


Professional advisors need to be clear if they are, or are not, a Fiduciary.

In my opinion, if we can accomplish these goals together as an industry this will lead to a more positive, confident, investment community.

Thanks for the opportunity to comment on this matter.

John A. Kvale CFA, CFP
J.K. Financial, Inc.