Subject: File No. 4-606
From: Cyndie Barone
Affiliation: Certified Financial Planner

August 2, 2010

While I believe in protecting consumers from disreputable providers, the majority of us are honest. I currently spend so much time and money on compliance and audit issues (about 40% of my time), that it has become harder and harder to actually work with and for the client.

While regulators are busy worrying if I received one cookie too many, or if I received an email showing me a clients new address, the real criminals continue to do what they do. Is the world now safer because I no longer accept cookies from clients? This is also unfair to the client who BELIEVES the regulations actually protect them.

My cost for EO alone on a annual basis is over $3,000. I earn about $25,000 a year. That is 12% ALONE. Then add in enforced monitored email, database enforcement, privacy, continuation and disaster recovery...it brings JUST compliance up to about 25% of my income.

I am a good advisor and my clients have had long time connections with me. I do not want a large business where I do not personally know and speak to my clients....but if regulations, costs and compliance issues continue to increase...I will no longer be able to afford providing the personalized service that I do. Everyone will be forced to go to large companies (fidelity schwab) where NO one knows the client specifically, and function anonymously. To that end only the very wealthy will be able to received one-to-one service.

How do you figure this is fair or better for the general public?