Subject: File No. S7-15-10
From: Forrest C Galyean, CLU, ChFC, LUTCF
Affiliation: NAIFA

November 3, 2010

Re: File Number S7-15-10
As a rergistered represnetative for over 35 years, I agree that maintaining the 25 bps under the "12b-1" rule will allows registered reps to properly service their clients. However, I have great concern about allowing b/ds to set their own fees by offering a new share class of funds.
As broker-dealers lower their sales charges to gain market share, it will no longer be economically feasible to provide service to the middle and lower investors. While larger and higher income investors can afford personalized investment advice, lower and middle market investors will be forced to direct their own investments.
Please reconsider this proposed change to 12b-1.
Thanks you,
Forrest Galyean