From: Reed Moore [reedmoore@hotmail.com]
Sent: Wednesday, May 05, 2004 6:48 PM
To: rule-comments@sec.gov
Subject: S7-09-04

I am a financial service professional with over 23 years of providing 
service and advice to my clients.  Over the years this industry has gone 
from being transaction to service oriented.  Clients now expect to recieve 
ongoing advise for retirement planning, estate planning, asset allocation 
and much more.  Commissions have collapsed in the last two decades and 
advisors now rely on the payment of a 12B-1 service fee to help compensate 
for this personalized service. On a typical $10,000. investment a 12B-1 fee 
would be a modest $25.00.....well worth the cost to have a seasoned 
professional help you reach your financial goals.

If this 12b-1 service fee goes away, clients will still want ongoing advise 
and  financial advisors will still have to be compensated.  That issue will 
roll the clock back on this industry to the transaction oriented days and/or 
customers will be transferred into investment advisory accounts.  The 
overall effect will be the cost to the client will go up.

In spite of the mutual fund trading scandals, this industry has grown 
significantly over the last several decade and works quite well.


Reed H. Moore, Registered Representative