Subject: File No. 4-606
From: Andrew Hunt
Affiliation: Agent with New York Life Insurance Company

July 30, 2010

The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard.

Additional regulation will impact:
Compliance costs-both in terms of finances and time-are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.

Licensing, is a neccessary, but already tedius problem for me, I spend a minimum of 24 hours a year performing mandatory continuing education. How much time does a Senator have to spend mandatorily reading the constitution, or in ethics classes?

It has been my experience that people are less willing to work with fee-only planners, and will consequently conduct less business. This is bad for revenue of the government, the agent, and bad for clients.
A fee only structure will be necessary to protect myeslf from liability, and consequently I will be conducting less busienss. This is a bad busienss model.