Upon looking in the event log you will see

"The machine-default permission settings do not grant Local Activation 
permission for the COM Server application with CLSID 
to the user ‘LocalMachine\Account’  

This security permission  can be modified using the Component Services administrative tool." 


Before you modify the component copy the GUID after CLSID and search the registry to find the application, you can verify the application name is for the SLP

Open Component Services, (or run dcomcnfg) expand Component Services, Computers, My Computer, DCOM Config. Scroll down and find the application (SMS_SERVER_LOCATOR_POINT) Right-Click-->Properties and select the Security tab.

Add in the account mentioned in the event log error and set the Launch and Activation permissions at the application for both local  as well as remote activation

Restart IIS – it fixed the problem, as soon as I find a KB article about this I will verify my actions.