Subject: File Number S7-15-10

October 27, 2010

I have been a registered rep. for 30 years. I support SEC rule 12b-2 but oppose allowing broker dealers to set their own sales charges and commissions. I believe this would result in a "race to the bottom" to gain market share. As a result, only upper-income investors will continue to receive personalized investment advice.

Investors with smaller fund balances will have to self direct their accounts if they wish to continue to own mutual funds. Advisors will no longer be able to afford to spend the necessary time with these individuals.
Middle and lower market investors will be deprived of the guidance and service they need and deserve.
Some advisors may be forced out of the business because they cannot make a living. Their clients would not have an advisor.