Subject: File No. S7-15-10
From: Joel M Budd
Affiliation: Financial Consultant, LPL Financial Services

August 4, 2010

The current system is fair already. I have been a planner for over 20 years and have never had a problem with the investor understanding where the fees are coming from and where the are going. People understand there is a cost of doing business. Reducing the income a planner will make only hurts the investor because the planner won't be able to help certain investors due to the cost of running a business. Keep the fees the same. Change the name from 12b-1 if some think the fees are being hiddin.