Sent: Monday, September 21, 2015 5:31 AM

To: EBSA, E-ORI - EBSA

Subject: RIN 1210-AB32

I am a financial advisor and want to give you two real examples of clients that would be 

substantially harmed by your proposal. 

1. A small business retirement plan, SEP PLAN with a local accounting firm. I have 

them in A shares. The total plan assets are 2.3 million. They PURCHASE A SHARES 

EVERY MONTH WITH ABOUT 4,000. THEY PURCHASE EVERY MONTH AT 

NAV. They have been purchasing at NAV for YEARS. Since their plan reached 

$1M. They consistently got buy in discounts for years until they hit $1M years ago when 

they started buying in at NAV. The average mutual fund expense in this plan is about 

.75%. They are using American Funds.

For the .23% 12B-1 fee I personally meet with them every other month and have been 

doing this for 15 years. That service is what they asked for. They want, they need. My 

12B-1 fees are $5290 gross per YEAR. I make 1% on their $4K per month deposit 

gross.

THE PROBLEM WITH YOUR PROPOSAL IS THAT YOU DEEM I AM NOT DOING 

RIGHT BY THIS CLIENT BECAUSE THEY CHOSE A TRANSACTION MODEL FOR 

THEIR RETIREMENT ACCOUNT.

YOU THINK THAT THIS ACCOUNT SHOULD HAVE AN ASSET FEE WRAPPED ON 

IT IN LIEU OF THE CURRENT TRANSACTION MODEL?

What that will do is INCREASE MY INCOME 4 TIMES! And that will be deducted from 

the client assets. CLEARLY THIS CLIENT'S COSTS WOULD BE DRAMATICALLY 

INCREASED. MY SERVICE WOULD STAY THE SAME, AND I WOULD MAKE 4 

TIMES MORE MONEY.

TELL ME HOW THIS IS GOOD FOR THIS CLIENT???????

I have many, many, many others like this who have chosen transaction based plans.

2. What about all my smaller clients who DO NOT HAVE ACCESS TO RETIREMENT 

PLANS AT WORK???? They come to me to start ROTH IRAS. They each have $6K 

total in their account. YOU SIT IN MY CHAIR AND TELL THEM WHAT THEY 

SHOULD DO IF YOU TAKE THEIR CHOICE AWAY OF CHOOSING TO PAY ME BY 

TRANSACTION SO THEY CAN GET MY GUIDANCE AND ADVICE. I OFFERED FOR 

THEM TO GO ONLINE AND DO IT THEMSELVES, AND THEY SAID NO WAY, WE 

HAVE NO IDEA WHAT WE ARE DOING.

WHAT DO YOU TELL ALLLLLLLL OF THESE SMALLER CLIENTS WHO NEED OUR 

HELP???? WHAT WOULD YOU SAY? I CHALLENGE YOU TO SIT IN MY CHAIR 

FOR A WEEK AND WORK WITH REAL PEOPLE WHO NEED OUR HELP NO 
MATTER WHAT THE SIZE. YOU ARE GOING TO PUSH ASIDE ALLLL OF THOSE 

PEOPLE WHO CHOOSE TO WORK WITH US AND HAPPEN TO BE SMALLER.

You are tying fiduciary standard to how people pay and that is just simply wrong. In the 

first example you can see how WRONG YOU ARE. CONSUMER CHOICE IS 

PARAMOUNT. If you want us to disclose more, fine, If you want us to have a higher 

standard, fine. If you think dictating how everyone pays and what type of retirement 

account they should have you are wrong. Customer choice should be part of the 

equation. And for us advisors who ALWAYS do what is right for the client would have to 

deliver some pretty UPSETTING NEWS (SEE EXAMPLE ONE AGAIN) THAT THEIR 

COST IS GOING TO SKYROCKET WHY MY PAY GOES UP SUBSTANTIALLY. 

I can give you all the real world examples you want. You just need to come sit in my 

chair and see what we do everyday before you make broad generalities that will affect 

just about every single retirement saver.

Financial Advisor

Columbus OH