Subject: File No. 4-606
From: Michael E Youtz
Affiliation: Chartered Life Underwriter, Chartered Mutual Fund Consultant

July 30, 2010

Applying a strict fiduciary standard will not help consumers and will have unintended consequences. There is
no practical way to tell which is the very best product for the client. It is a subjective thing. I sell insurance and investments under the present suitability standard and my customers are well served. What may happen is that there will be less advisors because no advisor can be sure he is always picking exactly the right fund or policy.The increased liability from second guessing recommendations after the fact will drive many advisors out of the business and hurt consumers who can't afford or won't pay a fee for advice. This will lead to a 'do it yourself' necessity for many consumers who will many times make uninformed disastrous decisions about insurance and investments.We are regulated enough Why not do a better job of enforcing our present laws? Please modify your approach to this issue. If passed as proposed it would be detrimental to consumers. Thank you.