Subject: File No. 4-606
From: Michael Walters
Affiliation: NAIFA, New York Life

August 2, 2010

The fiduciary standard looks back and enforces breaches retroactively through SEC enforcement or private lawsuits.

The suitability standard looks forward and tries to prevent harm to consumers through ongoing and frequent FINRA and broker-dealer audits and compliance processes.

While it may seem simple to look back and second guess a decision in the past, you cannot recreate the economic and emotional reality of making that decision.

Change is our only real constant, no decision can stand in perpetuity. The suitability standard allows for normal change to occur like age, resources and risk tolerance, none of these are a static barometer on which you can look back to determine a fiduciary constant.

Please keep the current suitability standard.