Subject: File No. S7-06-04
From: Thomas G Pailthorp
Affiliation: Registered Rep. , Mutual Service Corp

April 1, 2005

Our Broker/Dealer has not had enough time to completely analyze the potential effects on our business of this rule and to pass that information on for us to analyze.

Every new rule that is made is well-intended and is designed to protect the consumer -- but every one must be paid for -- and it is the consumer who will pay in cash or in lost opportunities and reduced service.

I should add: the burden of additional regulatory costs is felt much less by the large investor than the little guy. Many companies will give up on the little guy if the costs are too high.

It may become fiscally impossible to help our small investor
clients with their needs as our cost in time and resources
would not adequately be reimbursed without affecting their results.

It is vital that there be enough time to consider these rules carefully from all angles so that they protect the consumer -- but sometimes they cause more harm than good.

Please give the broker/dealers at least another month to complete the process of doing their analysis and then letting us do ours with their information.

Thank You.