Subject: File No. 4-606
From: Steven Herweyer
Affiliation: Treasurer Capital District Chapter of National Association of Insurance and Financial Advisors

August 6, 2010

Imposing the fiduciary standard of Registered Representatives will serve no purpose in protectign the consumer. In fact it will cause great harm to lower end consumers by pricing them out of the market. It will do this increasing the costs of servicing accounts. When costs of business increase, it will lessen the likelihood of accepting a client of lower means. Consumers in this area will more likely have to invest on a trail and error basis. Financial instruments are complex and require the services of a financial profession to effectively navigate the turbulent times we live in. It will add no value as dishonest practitioners will fly under the radar and honest representatives will do less business. Please do not impose the fudiciary standard on Registered Reperesentatives. There is more than sufficient regulation in place. All that needs to be done is enforce the existing regulation. Thank you for hearing my comments.