Subject: proposed 12-B1 changes s7-15-10

October 27, 2010

As a twenty one year industry member I support your attempts to control and categorize the 12-B1 fees paid to advisors for ongoing service. There is a provision however that I oppose and I think presents a danger for our industry and consumers both. The proposal to allow broker dealers to set their own fee level has disastrous implications for all. As firms rush to cut fees and gain market share there will be a tremendous consolidation as smaller firms will not have the resources to compete. Additionally when reps cannot afford to stay in business because of the lower revenue, clients will receive less service and their is evidence already that shows how dramatically consumers already under perform the markets. More consumers without the support of a licensed professional advisor will result in more Americans becoming less successful financially.


George H. Moore Jr., CLU, ChFC | President
Chartwell Financial Group, LLC