Subject: File No. 4-606
From: James Paddock

August 1, 2010

I currently hold a series 6, 63, 7, 65. I also hold a life insurance and health insurance license. Today I spend a lot of time trying my best to stay within my compliance guidelines.

It cost me time and money to keep in compliance. None of this protect my clients from loss. The only clients that get ripped off are people who work with advisors who are dishonest. These new rules will not turn dishonest advisors in to honest advisors

If we are forced to become fee base advisors, I believe will only drive many advisors from the business and force investors to be do-it-yourself investors. It will destroy this industry and cause the average person/investor to guess how to invest their money and make decision based on emotion and market timing, which we all know hurts the investor. The average person does not want to pay a fee for help.

It will also cost the gov't additional money to over see all broker dealers that they don't have

Please don't put me out of business.

Thank you,

James Paddock