Subject: File No. S7-07-18
From: Deborah Meyer, CPA, CFP(R)
Affiliation: NAPFA, XY Planning Network, Fee-Only Network, AICPA

August 5, 2018

As a fee-only fiduciary advisor, I'm concerned with the Regulation Best Interest proposal. Specifically, the introduction of a new Regulation Best Interest standard would allow broker-dealers to say they act in the best interests of their clients, without actually being subject to a full fiduciary duty to require it. This creates an unfair competitive environment for fiduciary advisors like myself.