Subject: File No. S7-15-10
From: Rick Stateis

July 26, 2010

No on 12b-1 changes. Clients already sign disclosures on fees. We do not need more legislation. It was the RIA's that took clients monies - not the commission side. What will happen is there will be fewer advisers, and less advice for many that need it and clients will be charged more. Its good that there is a commission side and a ria side. Many times the commission side is less expensive - keep both viable. Do you think clients don't know advisors are paid? Will banks have to tell account holders how much they profited from their savings deposits and loans over the percentage? Where does it stop? Should we know how much the gas station owner is making on each gallon? Expenses are already printed on websites and prospectuses. Advisors today offer alot more than investment advice in todays world, where information is endless but wisdom is scarce.