March 14, 2004
For over 20 years I have been advising and assisting clients with their financial needs. During this time frame I have used, predominantly, mutual funds that carry a sales charge and that also pay 12-b-1 fees. I have never charged a client for ongoing service work with the thought process that the 12-b-1s were my ongoing payment for services rendered. Now that I am semi-retired and not expanding my business, to take away 12-b-1s is literally taking away my income and my business. I provide a service to my clients and get paid for doing so. Any fee I would charge them would be far greater than the 12-b-1s that the mutual fund companies impose.