Subject: File No. 4-606
From: Anthony M Lofaso, CFP
Affiliation: Certified Finacial Planner Association, Society of Financial Services Professionals

August 3, 2010

I have been active in the financial service industry for over 30 years. The compliance has increased 30 fold. The additional recordkeeping, and reporting consumes generally 2-3 hours per week. I am audited annually and have constant compliance reviews. I have the series 7,63,65,6 licenses and take an average of 30 CPE credits per year. Additional compliance would increase overhead and reduce client face to face time. The additioanl compliance would be counterproductive.