Subject: File No. 4-606
From: Bruce P Donlan
Affiliation: MML Investors Services, Inc

August 5, 2010

Compliance costs are costly in terms of time and finances are high already. This action will take more of both. I have a series 7,6, 63 registered investment advisor and have a continuing education and meeting to meat every year. I am examined or audited by my firm 1-3 times per year, have other examination requirements once every 3-5 years for FINRA. This amounts to approximately 40 ours + per year to meet. Most of this is useful but redundant for experienced representatives like myself, 23+ years.

I do not believe fee only is the best or least costly means of delivering unbiased or more better advice for consumers. The choice of both fees /or commissions allows for consumers to choose the best for themselves. Most clients balk at any upfront or ongoing fees for time or advice. They want products services they need want delivered at the lowest cost and highest quality. Most consumers would not be willing to pay fees for products or services they can purchase competitively under a commission model. Liabilities, insurance, and other costs would be too much to bear for me as a business person. Consumers would be less served in term of cost, service, product choices, and I may be run out of business as I would be unable to get a reasonable income for my time from clientele that can't or won't purchase financial services, products, or advice due to a fee only model. Fees would be a negative reason to do anything constructive for the average consumer.