Subject: File No. 4-606
From: Matthew Wochos
Affiliation: Investment Advisory/Insurance Agent

July 28, 2010

Although I work as an investment advisory, thereby already accepting the higher fiduciary standard, I feel the increased fiduciary standard for brokers is misguided.
Inherently, the suggestion is that the individual investor can now be more ignorant about what they are buying, based upon a higher standard placed upon the broker. In addition, I would expect more litigation due to the increased "consumer protection," both frivolous and otherwise.
The reality is that investors can lose money when undertaking risk, and need to be educated and active in the managment of their assets.
Lastly, it was the regulators that failed the investors in the recent, and widely publicized cases of fraud. What good are increased fiduciary standards if the regulating body is asleep at the wheel?