Subject: File No.
From: John Denecke
Affiliation: Financial Consultant, Thrivent Financial for Lutherans

October 27, 2010

File Number S7-15-10

Dear SEC,

As a 24yr veteran in the investment industry, I am concerned about the upcoming changes to the 12b-1 fees. I do support greater transparency for the investors and relabeling the 12b-1 to 12b-2 "marketing and service fees" or even better yet to 12b-2 "ongoing service and advice fee". My concern also is that if you allow reps to set their own fees, it will crowd out the little guy like me and the super large brokerage houses can cut fees to push out the competition. It seems to me that you want more not less competition and that is what I fear would happen. My clients have appreciated the level of service that I provide to them and to push for lower costs makes me wonder if I need to consider a new career. Please don't do so.