October 27, 2010
I approve of the reclassification of the 12b-1 fees but as an licensed advisor for over 25 years the second part of the act which allows my broker dealer to set its own comission level will have adverse affects. My average client here in wyoming has about 50 to 100 thousand in mutual funds. with that they have my care and concern long after the sale is over. as we slowly drift to a fee only platform there is no broker in the world who will take on a account less that 500 thousand because of the time involved. I think you end up hurting the very market you are trying to protect. i hope that you will consider striking the last part of the language of your proposal. sincerely, chris taggart