Subject: File No. 4-606
From: Francis Mesina
Affiliation: Partner, New York Life

July 30, 2010

I already believe I am already acting in the best interest of my clients. I position myself as a problem solver and would enact solutions I would do for myself if in my clients' situation. The regulation is problematic because the Act does not define what the legal standard is for "best interest." The Act could expose RRs to an endless cascade of lawsuits as the standard drifts from a lowest cost standard, to a best rating standard, to a service standard, just to name a few.

The "fiduciary standard" only looks back and enforces lawsuits. However, a "suitability standard" looks forward and prevents harm to the public through frequent FINRA and broker-dealer compliance processes. The later is in the best interests of a client, as it allows a RR to service without the burden of further regulation. We are regulated enough. This regulation will negatively impact our ability to service the public, or make it too difficult to continue in this career. I do not believe the fiduciary standard has protected consumers better.