From: Michael Williams |
I am writing today to express my concern with the thought of removing the 12b-1 fee. Getting right to the point, accounts that generate a 0.25% 12b-1 fee will be moved and charged 1.00% in fee-based accounts so the clients will lose in this scenario. An adviser could decide to only charge 0.25% in a fee-based account but they, and the client, will be faced with ever-increasing paperwork required to make the move. Less time will be spent monitoring client's accounts because of the increased workload. It's not a productive use of anyone's time. Eliminating the 12b-1 fee will ultimately hurt the client more than the adviser and that's counter to our role as an adviser and fiduciary. Please consider the consequences Sincerely, Mr. Michael Williams |