August 2, 2010
Dear SEC, Please DO NOT add another layer of compliance and even more cost to me as a Registered Rep and to my clients
Here in Fargo ND, most of my clients are young families, who are struggling to make ends meet. These struggles to make ends meet will continue unless my clients are educated about saving a little bit every time they get paid to help grow their net worth and financial security for the future My average client opens a mutual fund with a $100-$200 per month automatic investment monthly program. Due to the current paperwork, complaince regulations and costs associated with liscensing, there is little to no profit for me in helping clients with this important process However, I do it because it is the right thing to do and with the current 12-b1 fees, as their assets grow, my income grows. Please do not further regulate or inhibit our ability to make a living helping people spend less than what they make and to help the low-middle income households grow and protect their net worth
Please help me stay in business and continue to talk to people about the benefits of saving 100-200 per month to create wealth
Sincerely, Tim Deitemeyer