March 3, 2004
I would think your considerations for mutual funds reform of sales practices deserves more than just a 60 day comment period. As a financial advisor who has built a practice over the last twenty years, this decision will have an enormous impact on my income. Perhaps more time is needed for you to fully understand its impact on advisors and investors alike. It will also no doubt increase costs to investors and decrease the service they recieve from advisors such as my self who have off-set reduced commissions over the last several years with a fee based income from the distribution of 12b-1 fees. Typically no more tha 1/4 of 1 .25. Dont rush to any decisions without further exploring the full impact of these proposals. I spent more than 20 years building my business, please give this more time for thought.