Subject: ile Number S7-15-10

October 27, 2010

To Whom It May Concern:

I am a registered representative, and have been serving middle market clients for the past three years.

I support new SEC rule 12b-2, which would use of the terms "marketing and service fees" and "ongoing sales charge" in place of "12b-1 fees" to improve transparency in disclosure documents.

However, I believe that unintended consequences will arise if mutual funds are permitted to issue a new class of shares at net asset value allowing broker-dealers to set their own sales charge and commission amount. I strongly oppose this recommendation. Based on my experience with middle and upper market clients, middle market clients often need more education, but are more fee- and price-conscious than upper market clients. As broker-dealers reduce sales charges and fees in an effort to gain market share, it will no longer be financially realistic for registered representatives such as myself to continue to provide the level of individualized advice and ongoing service that we currently provide to our middle and lower market clients. In the end, investors with smaller account balances will be forced to self-direct their because advisors will no longer be able to afford to spend the time to guide and advise them.

While the SEC is trying to protect the middle and lower market investor and encourage competition among B/Ds, this segment will be hurt most badly by not being able to afford or carry account balances that will enable registered representatives to provide the guidance and service they need and deserve.

Thank you,

Joel Field

Financial Services Professional

Referrals are always appreciated!

New York Life
NYLife Securities, LLC