July 9, 2007
I am an owner of mutual funds purchased through a Registered Advisor.
I believe the elimination of 12b-1 fees would do considerable harm to those investors who need and want ongoing investment planning advice and counsel. We expect our advisor to continue to be available and to respond quickly to a variety of questions regarding our investments. We never question the small amount he is paid for the services he provides to us. If 12b-1 fees were eliminated, we might save a small amount in 12b-1 fees but we would end up paying a much larger amount in hourly or asset-based fees to receive the same service.
For these reasons, I urge the SEC to reject any proposal to eliminate or restrict the payment of 12b-1 fees to registered representatives for providing continued service to their clients.
Thank you for your consideration of my views on this subject.
Tom Bienkowski