Subject: File Number S7-15-10

October 28, 2010

Elizabeth M. Murphy
Secretary, Securities and Exchange Commission
100 F Street, NW,
Washington, DC 20549-1090.

Ms. Murphy:

I am writing you in reference to File Number S7-15-10 and 12b-1 fees. I have been in the securities business for only one and a half years. Most of my clients are young couples that are just beginning to save; just as my wife and I are. I am concerned that if your proposed ruling is passed to stop 12b-1 fees and move to 12b-2 fees and allow broker-dealers to create their own sales charges that it will only cause broker-dealers to race one another to the lowest possible rate. As broker-dealers lower their sales charges and fees in an effort to gain market share, it will no longer be financially feasible for registered representatives to continue to provide the level of individualized advice and ongoing service that we currently provide to our middle and lower market clients. As a result, only upper-income investors who can afford assets-under-management arrangements or higher cost/higher service classes of shares will continue to receive personalized investment advice.

It will leave most of my clients left with no one to advise them as I will not be able to afford to do so on lower fees than we already have. I am in support of greater transparency in the industry but fear that the people the SEC is trying to protect the most--middle and lower market investors-will be hurt the most, since they will be deprived of the guidance and service they need and deserve.

I appreciate your time and concern for supporting our industry and those who work in it.

Respectfully Yours,

Aaron N. Pelchar
Wienken and Associates