Subject: 12b-1 proposal

October 27, 2010

As a registered representative at Northwestern Mutual Investment Services I have made some observations over the past 29 years. Service to policyholders/investors is not a driving force in the marketplace. Commissions are. I receive inducements almost daily to sell annuities and other financial products. The inducement is not the quality of the company or the quality of the product but a ridiculously high commission rate. These rates are 3-4 times higher than my commissions at the Northwestern. Most of these products have no renewal/trail fees. Todays marketplace is rife with agents/representatives who have little or no interest or incentive to service their clients. The SEC should focus on incentivizing service. If all an agent cares about is making a sale, then why have an agent at all? Is our business about transactions or relationships? What kind of a marketplace is the SEC attempting to foster?

The problem in the marketplace is not competition. The problem is a lack of ethics and greed. This is the same problem that caused the crash in 2008 and the lost confidence in the financial services industry.

John Chiodini

John C. Chiodini, CLTC
Financial Representative