August 19, 2010
Regarding 12b1 fees, I have no issue with more disclosure to clients. These fees should not be eliminated or "capped".
I have many clients who prefer to use Class C shares. Given my education, I provide my clients with many services and the fees from the Class C shares compensate me for that.
You imply that all I do is "sell a fund" and run away. I feel that you have no idea what we do for a living.
I provide guidance on many wealth management issues and my clients love me and my staff. I have a staff of 7 full time employees and we do no advertising. What do you think all of us do all day? NOTHING???????????????
If 12b1 fees go away, these clients will be fired and have no advisor. We can not work for FREE!
The unintended consequence is that clients with smaller accounts will not have the ability to use a top qualified advisor.
My clients and I have been playing under these rules for a long-time to our mutual benefit. I suggest you contact me to find out what we actually do for a living and then see if we earn our money. You may want to consider being a client as well?
Mr Jack Oujo
Jack Oujo CPA, Inc