March 1, 2004
Gentlemen,
As a financial advisor to mutual fund clients for over 15 years, my services are highly valued by my customer base. The current 12b1 fees go to covering office overhead for servicing these clients. I am confident that elimination of 12b1 fees would be a negative to the mutual fund investor by helping force many advisors out of business. I feel as though your cost cutting efforts should be better spent somewhere else. Maybe cutting congressional salaries or cutbacks and workforce reduction at the SEC.
Thanks,
Michael T. Shuttlesworth