Subject: File No. 4-606
From: Robert Thurmond

August 2, 2010

The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. It is unnecessay to apply the additional burden of a fiduciary standard governing investment advisers.

Negative impacts of the proposed revised standard:
1. Compliance costs - both in terms of finances 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 my clients.
2. I hold Series 6/65/66 licenses. Not only do I receive frequent training from my broker/dealer, but the internal examinatrion regime is stringent. I spend an average of six hours per week on issues relaed to compliance whther for training, docuemnation or examination purposes. That's nearly ione entire stadard work day. I can forsee having to suffer additional personel expense to comply with the proposed regulation. This cost will become a burden to my customers eventually.
3. Moving to a fee-only model will not result in better, unbiased advice.
4. However, I could be forced to a fee only model to protect yourself from liability. The impact of this is that clients would receive the same level of service and integrity at a higher cost.
5. My clients rarely want to pay up front fees.
6. The coverage limits and cost of my EO insurance will be increased.