Subject: File No. 4-606
From: Paul R Zietlow
Affiliation: Insurance and Security Sales

August 5, 2010

I'm being regulated out of business I cannot sell a product that is not reviewed by a supervisor or B/D. It cost me too much time and money to continue to meet continuing education requirements and meet ethical practices education that does not make me ethical. Crooks in our business will still be in our business with or without more regulation. I have company executives visit my office at least annually to review my records and my business practices. Every sale requires pages and pages of paper work and documentation that my clients seldom fully understand. However, my supervisors understand and if I screw up (remember they review every sale that I make), they can terminate my contract and my ability to earn an income.

Requiring additional fiduciary duties on my sales activity and forcing me to sell the best product for my client "in your eyes", may force me to sell a "no commission product". Advisors will have to begin charging a fee for their services. That would be acceptable to high income people, but low or moderate income people will not agree to pay a fee and eventually they would not buy any product or get good advice from any professional advisors. When they stop being served by the sales force, "YOU" will cry that "all of the public is not being served" and will want to provide another government program to "take care of everyone". This creates a minimum level of benefit and service similar to Social Security.

The long term solution is for private enterprise to compete for the business with agents and advisor in every community. They have to provide a better product for their clients than thier competitor or the competitor gets the business. If they do not sell enough product, they self select themselves out of the business - no income. The good ones survive the bad ones fail. Remember, ", liberty and the pursuit of happiness (property), not guaranteed income or benefits.