Subject: File No. S7-15-10
From: Nancy Onderko
Affiliation: Registered Financial Consultant

November 2, 2010

I wish to comment on the proposed plan to overhaul the 12(b)-1 fees for mutual funds. Permanent grandfathering of existing share classes and fee structures is of the utmost importance. Reducing or eliminating the 12(b)-1 progam as it now stands will be detrimental to the small investor. Reduction of services and access to financial advice will become the norm for investors with less than $100,000 in investable assets. In order to maintain their revenue, advisers and firms will be looking for ways to replace 12(b)-1 fees, creating additional costs to investors, and eliminating certain classes of investors all together. I thought the goal of regulators was to make investment advice more accessable to more individuals. This plan will accomplish the exact oppposite.