Subject: File No. 4-606
From: David C Crandall

August 6, 2010

Please reconsider imposing a fiducuary standard on all brokers.
THis over-regulation and continued government reach is
causing consternation amongs all financial advisors.
Every client is different, every risk tolerance is different, and applying "cookie cutter" regulations on a complicate process is far over-reaching.
For example, I manage assets for an 83 year old widow that has a goal of income. Her assets are invested moderate conservative. I deal thru her three sons, of which the oldest is POA.
One son asked "Why do you have an 83 year old in any stocks"? My answer is that I am not only managing for her income, but because she is in poor health, and the assets large enough that her income would probably never use up the principal, we also have to manage for growth, as the sons
inevitable inheritance would possibly be greater by taking on some risk in stocks.
Government over-regulation and fiduciary standards would likely make my targeted allocation an issue, as another 83 year old woman in better health may not have the same risk platform.
I think there are problems in the industry, but a greater problem in government, not regulating their own extensive spending, fannie and freddie, and bailing out industries without regulating the bailouts.
Thank You for your consideration.