Subject: File No.
From: ABRAHAM FRIED

October 27, 2010

Allowing B/D to set their own fees would eventually hurt the consumer because tjis would drive down fees to a point were the qualified advisors would have to leave the proffession or only deal with the very high net worth client. This would leave the middle market investors with only sub par advisors who are willing to work for less. At the end it is the middle market consumer that would get hurt