The joke goes like this. If your name is on your shirt, you're low class. If your name is onyour cubicle, you're middle class. If your name is on the building you're upper class. It's not exactly the same when talking about mutual fund share classes. In our world today we deal with 2 share classes for new sales. Generally speaking class A Shares are considered appropriate for lump sum investments with time horizons longer than 8 years. Class C shares are considered appropriate for Short Term time horizons, less than 8 years, or periodic payments over 8-12 years.
The FINRA Fund Analyzer tool https://tools.finra.org/fund_analyzer/ should be used to validate share class choice to the client and the compliance department. By choosing Advanced Options you can compare the impact of different share classes, payments and time horizons. FINRA is watching for mismatched Time Horizons and share classes. Be aware and do an analysis to be sure. Stay classy.