Subject: File No. S7-15-10
From: Graham Parsons
Affiliation: Owner, LPL Financial

August 19, 2010

Registered reps will simply switch to fee based accounts, resulting in a higher expense to clients. Furthermore, the fee never goes away.

Better disclosure is order, but that`s it. However, that applies to all investments and all expenses, not just 12b-1.

Sincerely
Mr Graham Parsons
Owner
LPL Financial