March 1, 2004
I am responding to pending legislation regarding the mutual fund industry and the impact it would have on my practice as it relates to marketing mutual funds. While I have no problem with the disclosure of fees, I also work on a fee basis for managed accounts, I do not feel that the abolishment of 12b-1 fees is in the best ineterst of my practice or my clients finanacial well-being. Are you trying to eliminate ongoing service to clients, because that is what that would accomplish. Disclosing fees and letting the public decide whether or not our services are worth the fees being charged sounds like a fair proposal to me. That is what happens when we all buy products and services, it is our choice and the same should be true of investment products.
At the very least, please extend the deadline on this proposal until I have had additional time to review this cumbersome 100 page document. Let the publice decide what is proper. We do provide a valuable service and deserve to be paid for it. You dont go to the doctor for free do you? I didnt think so. Please feel free to respond to these comments. Thank you, Michael Durkin.