Subject: File No. 4-606
From: Jared Traum

July 30, 2010

The concept of fiduciary responsibility is subjective. For example, does "acting in the client's best interest" mean lowest price or best performance?

What if the best performing funds are not the lowest price but the client asks for the lowest price. Does that mean I'm not acting in their best interest because I'm not giving them the best performance?

This is already a heavily regulated industry. The fact of the matter is, if someone wants to scheme and plot and break the law and be dishonest...THEY WILL no matter what laws you setup. This is a waste of time.