Calling 12b-1 fees a wolf in sheep’s clothing, St. Louis Post-Dispatch columnist David Nicklaus doubts that the Securities and Exchange Commission will make good on its recent promise to curtail, possibly even eliminate, 12b-1 fees.

Most of the $11 billion or so that investors pay each year in 12b-1 fees is used to pay brokers via revenue-sharing agreements, rather than for marketing and advertising to raise a fund’s assets, and, therefore, bring lower fees through economies of scale.

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