Subject: File No.
From: Donald E. Hedrick, ChFC, CLU

October 29, 2010

RE:File Number S7-15-10

I am writing to comment on the above case. I have been in the financial services industry (insurance and securities) for over 50 years. During that time I have never charged fees for financial advice. As a result my clients have received excellent financial advice and help on many matters unrelated to the business. I would be much better off financially had I charged fees rather than to accept the very low commissions related to mutual funds.

I want you to know that I think it is a terrible idea to let companies set their own commission amounts in a competitive atmosphere. People in company executive positions have no idea what it takes to render the kind of help to people that those of us who meet the public face to face render. Conscientious reps cannot take further cuts and continue to service accounts properly. Should this provision be enacted those of us who service the middle class will be forced to stop helping the very people who need the help the most.