Subject: SEC on 12b-1 Proposal

October 27, 2010

To Whom this may concern,

The bottom line on this proposal is that the average guy on the street is the one that will lose out. Those with money will be able to afford and get help and or advise. The small investor will be out luck. Helping investors takes time and when we move money from one fund to another, unlike most brokers we do not generate new commissions. With more and more compliance issues, record requirements, etc it becomes much harder to make a living. My clients for the most part could not get the time of day from brokerage firms and if 12b-1 fees go away so will my securities related business not because I want it to, I just will not be able to afford to keep it.

Sincerely yours,
John P. Steele