Subject: File No.
From: Giuseppe A. Bianco
Affiliation: Registered Rep., New York Life

October 27, 2010

I have been an agent and RR with New York Life for several years and strongly believe that allowing broker dealers to set their own comission schedules would be severely detrimental to both the industry and the services that I am able to provide to my clients. By negotiating comissions I feel that there will be more empasis placed on the cost of the product rather then the quality of service. This seems to be a shortsighted and dangerous attempt to ease consumer sentiment in a time where "cost" is feared. Investing is a very crutial aspect of people's lives where more empasis should be placed on quality of service. As a RR, I understand that time isn't free many investors will lose access to advice in favor of lower fees. While this may benefit a handful of educated and able investors, it will only cause more harm to the vast majority who need guidance and insight. I see a potential for more damage than good to be caused by this.

On a positive note, I support a move to more transparency in the form of 12-b2 where the fees are refered to in a more appropriate manner