Subject: File No. 4-606
From: Donald B Meissner

August 6, 2010

To whom it may concern regarding the fiduciary standard on registered representatives. I have been in the financial services business for 22 years and since then have seen more and more regulations. We have had enough. Most of us in my profession pride ourselves in our honesty and integrity. Additional regulations will not stop the bad people from doing bad things. More regulations will just hinder us even more from doing the best we can for our clients. Right now I hold a series 6, 63, and 7 for my securities licenses and also a life, health, and annuity license. Every year I have 10 hours of continuing education requirements for my securities licenses as well as every 3 years, I have to take a 3 hour regulatory element exam. This does not include the 16 hours of continuing education I have to take every 2 years for my life/health/annuity license. We also get regular compliance training from our Home Office. I have an office professional who spends approx. 15-20% of her time making sure I remain compliant. More requirements for compliance means less time to serve my clients. If we are still a free society, we do not need an oppressive government controlling every aspect of our lives. No matter how much you regulate there will always be bad people doing bad things in this world. So why punish the majority of the good? What scares me is what the liability of fiduciary duties could do to the cost of my business and the ability to serve my clients. I question whether moving to fee only models will result in better unbiased advice. Plus, many of my clients aren't in a position or might not be willing to pay up front fees. My errors and omission insurance can go up, and with all this happening, I question whether I can afford to stay in business. My clients have depended on me for advice for a long time and count on me being there for them. Please consider this when making your decisions. Thank you for your time.