Subject: File No. 4-606
From: James P McGoldrick, CLU, ChFC

August 6, 2010

I hold my Series 7 and Seires 63. I am examined bi-annually by NASD. I spend 20 - 30 hours on compliance issues annually. I have mutliple forms I must complete and have certified by our compliance director when placing business for my clients. The amount of compliance I am currently required to perform takes away from my time in either having appointments with my current clients or from marketing for new clientele.

If these propsed fiduciary responsibility issues are enacted, it will have a direct impact on my ability and future in the business. I am tired of hearing the argument that fee based advisers are beter because they are unbiased. That is their OPINION, NOT FACT

The fee based planners have basically stated they provide better advice because they are unbiased is a bunch of garbage. They are BIASED but on the other side of the street from me. They have a business model which they think is correct and fits the type of clientele they choose to serve. Just because their model is different from my product based fiancial advisement model does NOT make my model bad, biased, illegal or whatever else they try to represent to the SEC or Congress.

There is risk involved in any type of investing and it is our job to listen and inform our clients in making proper financial decisions, whether we are fee based or product based advisers.

Will I have to start charging fees to protect myself?? I dont know, I will wait for the final judgement of this proposal and what our attorneys recommend. But there is no way I can be convinced that only one model will serve and protect the public better.

All the fiduciary and consumer protection laws can be written until there are no trees left to produce paper and it still wont solve the most fundamental problem: the mortal sin of greed. It is why greed is is on God's top 7 list in deadly sins. You can make greed illegal but you will never eliminate it. Bad advisers will find new ways around whatever "protections" are implemented. Havent we learned anything over the past 25 years?? We went from Miliken to Madoff.

I dont know if my clients will pay fees, even though I have given them input that this issue may occur in the future and affect our busness relationship.

My errors and ommisions insurance will double overnight if this fuduciray responsibiulity is enacted and will create a new cottage industry for the lawyers.

My ability to stay in business will be dependent on the fiduciary liability issue and may come into play once the rules are settled.

I am very disturbed that the amount of compliance I already perform is not enough as well as one side continaully stating that they are the only proper advisers.