Subject: File No.
From: James Tollefson

July 13, 2017

this whole rule is making advisers lean towards fee based relationships. My IRA in a stock portfolio has very little turnover and very low costs compared to fee based. i also like to invest in new issue preferred stocks which i've been told I can no longer access? there seems to be many unintended consequences to this rule. why don't you just up enforcement on rogue advisers? this appears to be extreme overreach by the government.