October 28, 2010
I am asking that you reconsider the amendment ot Rule 12b-1 regarding commissions and sales charges. It is my understanding that there is a potential that this amendment would allow broker-dealers to set their own levels. I am a 100% commissioned registered representative that would not ever want to charge fees. I feel that this could trigger an attempt on the part of the broker-dealer to force their registered reps to charge fees as the only way to receive compensation for services. This gives them the ability, and I am concerned that if it does occur, it will drive a lot of very good registered reps out of the business. I have been in the investment business for 35 years, so I have as much knowledge as anyone else. I just have a problem with fee only investment folks because they hang a shingle that says that they are financial planners however they only sell one type of financial plan. At least my clients know exactly what I do.