July	20th,	2015

U.S.	Department	of	Labor	

Office	of	Regulations	and	Interpretations

Employee	Benefits	Security	Administration

200	Constitution	Avenue,	NW

Washington,	DC	20210		

Re:	Definition	of	the	Term	“Fiduciary”;	Conflict	of	Interest	Rule—Retirement	Investment	Advice	

(RIN	1210-AB32)

Ladies	and	Gentlemen:	

Thank	 you	 for	 the	 opportunity	 to	 provide	 comments	 regarding	 the	 Department	 of	 Labor’s	

(“Department”)	Proposed	Conflict	of	Interest	Rule	(“Proposed	Rule”)	and	Best	Interest	Contract	

Exemption	(“BIC	Exemption”)	under	the	Employee	Retirement	Income	Security	Act	of	1974,	as	

amended	 (“ERISA”).	 	 I	 am	 concerned	 that the	 Proposed	 Rule	 and	 BIC	 Exemption	 will	

unnecessarily	increase	barriers	for	Middle-Income	Americans	to the	valuable	retirement	savings	

education	 and	 assistance	 that	 I	 and	 many	 thousands	 of	 other	 registered	 representatives	

provide.	It	is	my	hope	that	my	comments	are	helpful	to	the	Department.

I	have	been	a	 registered	 representative	with	PFS	Investments	Inc.	since	1983.		My	office	is	in	

Pittsburgh,	Pennsylvania.		My	clients	come	from	the	community	in	which	I	live	and	work.		They	

are	hard-working,	very	busy	people,	and,	quite	typically,	before	they	meet	me,	no	one	has	ever	

taken	the	time	to	sit	down	with	them	to	assess	their	financial	picture	and	discuss	basic	financial	

concepts with	 them, such	as	 the	power	of	 saving	 for	 retirement	 through	 systematic	investing	

and	 what	 investment	 options	 are	 available	 to	 them.	 	 They, like	 so	 many	 people	 in	 Middle	

America, do	what	they	do	daily	very	well,	but	the	reality	of	life	is	that	there	is	no	time	left	in	the	

day	after	their	work	day	and	evening	family	commitments	end	for	them	to	proactively	seek	out	

education	and	advice	on	saving	and	investing.		What	some view	as	basic	saving	and	investing	

concepts	 that	 everyone	 already	 knows,	 is	 typically	 not	 information	 they	 know.	 	 They	 are	

starting	 from	a	 different	 baseline,	and	it	 takes	a	 substantial	time commitment to	 understand	

these	concepts	well	enough	to	make	actual	investment	decisions	independently.		

While	it	may	appear	that	they	have access to	this	information	if	they	have	computers	or	other	

mobile	devices	from	which	they	can	search	the	internet,	they	do	not,	in	my	experience,	access

this	information	on	their	own.		It	is	time-consuming	and	overwhelming.			They	are	much	more	

comfortable	working	with	a	live	person,	and	more	successful	when	 they	do	so,	both	of	which	
studies	have	demonstrated.

1 And	with	retirement	savings	and	retirement	plan	participation	at	

such	low	levels,	it	is	imperative	 that	we	help	Middle-Income	Americans	in	every	way	possible

get	on	track	toward	ensuring	better	futures	for	themselves	and	their	families.		

Working	with	Middle-Income	Americans to	achieve	their	financial	goals	is	what	I	have	done	my	

entire	career	in	the	financial	services	industry.			A	story	about	a particular	client	of	mine	comes	

to	mind.	

About	 thirty	 years	 ago	 I	 met	 a	 married	 couple	 at	 a	 local	 soccer	 game.	 	 The	 husband	 was	 a

Westinghouse	 employee	 and	 the	 mother	 was	 an	 elementary	 school	 teacher.	 	 Neither	 had	 a	

good	 understanding	 of	 how	 to	 take	 care	 of	 their	 household	 finances.	 	 I	 was	 able	 to	 educate	

them	 about	 protecting	 their	 family	 with	 life	 insurance	 and	 saving	 for	 retirement	 by	 saving	

through	 their	 employer-provided	 plans	 and	 with	 IRAs.	 	 They	 each	 began	 investing	 $50	 per	

month.			Over	time	they	started	saving	more,	and	their	investments	grew.		Tragically,	the wife	

recently	 died	 of	 breast	 cancer,	 and	 I	 received	 the	 below	 letter	 from	 the	 husband	 soon	

thereafter.		

Rita	and	Don,

I	 wanted	 to	 thank	 you	 so	 much	 for	 all	 you	 did	 in	 managing	 my	 investments.	

Thirty	 some	 years	 ago	 when	 you	 approached	 us	 with	 the	 different	 options	 for	

investing,	I	never	would	have	thought	it	would	turn out	this	way.	When	(my	wife)

passed	I	was	 so	wrapped	 up	in	emotions	and	 pain	I	 didn’t	 know	which	way	 to	

turn	with	my	finances.	I	was	so	glad	I	could	turn	to	you	for	help	and	advice.	The	

way	you	(Primerica	Investment	Services)	handled	that	very	difficult	situation	was	

unbelievable.	I	 truly	appreciated	how	quickly	and	easily	you	 turned	around	 the	

investments	and	life	insurance	 proceeds	which	 have	made	life	much	easier	 for	

me	and	my	 family.	Your	kindness	and	thoughtfulness	was	overwhelming	during	

this	 time	but	your	 financial	expertise	 [was]	unparalleled.		Now	in	 times	when	I	

need	 extra	 financial	 support,	 it	 is	 such	 a	 blessing	 to	 be	 able	 to	 utilize	 the	

resources	you	have	set	up	for	me	and	my	family.	I	will	never	be	able	to	replace	

(my	wife) but	because	of	the	help	you	gave	me,	it	is	so	comforting	knowing	that	

financially	we	are	sound.

Thank	you	again	for	all	your	help.

It is	 my	 belief	 that	 the	 Proposed	 Rule	 and	 the	 BIC	 Exemption	 as	 drafted	 will	 eliminate	 or	

substantially	reduce	people	like	this	couple’s access	to	education	and	advice,	at	the	exact	time	

																																																												 1 Oliver	Wyman:	The	role	of	financial	advisors	in	the	US	retirement	market	(July	6,	2015).		Oliver	Wyman	states	that	

it	“.	.	.	was	engaged	to	perform	a	rigorous	investigation	of	the	role	of	financial	advisors	in	the	US	retirement	

market,	and	quantify	differences	in	investing	behavior	and	outcomes	between	advised and	non-advised	

individuals.”
and	for	the	exact	purpose	they	need	it	most	– saving	for	retirement.		I	fear	that	the	translation	

of	education	into	advice,	the	imposition	of	the	new	BIC	contract,	the	uncertainties	created	by	

the	 Impartial	 Conduct Standards which	 substantially	 increase	 liability	 costs	 and	 effectively	

disqualify	 the	 commission	model, and	 the	 costs	 of	 complying	 with	all	 of	 the	many	 disclosure	

requirements, will	 cause	 firms	 such	 as	 PFS	 Investments	 Inc.	 to	 conclude	 that	 it	 simply	 is	 not	

feasible	to	open	smaller	accounts.		If	a	decision like	this	is	made,	my	clients	will	lose	access	to	

the	 education	 and	 advice	 they	 so	 badly	 need,	 and	 their	 futures	 will	 be	 severely	 negatively	

impacted	as	a	result.		

It	is	my	hope	that	the	Department	will take	this	into	consideration and	withdraw	the	Proposed	

Rule.		Thank	you	again	for	the	opportunity	to	comment.

Sincerely,

Rita	Huckle

Pittsburgh,	Pennsylvania