Subject: File No. 4-606
From: Joseph A Catanzaro, CFP
Affiliation: NAIFA, MDRT, FPA

August 2, 2010

I have great concerns as a 22 year licensed representative in PA. The Compliance costs-both in terms of financial and time, are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.

I hold the following licenses, 6, 63, 65, 24, life, accident and health and a Property Casualty license, and an LUTCF and CFP designation which required many hours of education and studying, as well as continuing education annually.

The amount of time I spend on education and compliance issues completely eat away at my time which I can spend with my clients and family. I knew that going into those licenses and designation. It is extremely difficult to run an efficient practice when you are considering increasing the amount of compliance I already have to do.

Moving my practice to a fee-only model would be wonderful for me and the few clients that I will be maintaining. But understand that a lot of current clients would not be able to afford the fees associated with running a practice with so much compliance issues. Therefore, your goal of trying to provide protection for consumers is being thwarted by the fact that a lot of people will not be able to afford that level of assistance.

I urge you to not move forward on this legislation.