Subject: File No. S7-25-99
From: Anthony T. Moreschi

September 11, 2004


As an investor and soon to be retiree, I am very interested in receiving competent and OBJECTIVE advise from my financial counselors.

I find it incomprehensible, and unacceptable that a stockbroker offering financial advice as a "financial planner" does not have to disclose any financial incentives that they receive!

How can an investor such as myself possibly rely upon their advice if I am unaware of their financial motivation??

I would think that mandatory disclosure would be in the interest of all reputable stockbrokers, as well as their clients, and to allow non disclosure to continue, puts brokers with integrity at a severe disadvantage to those few who take advantage of non disclosure to prey upon those who are unaware.

As a citizen, and consumer, I urge the SEC to address this deficiency and require all who are legally authorized to dispense financial advice to be bound by the ruling that they are required to disclose their financial incentives.

I would be interested in your comments and action on this matter.

Respectfully yours,

Anthony T. Moreschi
95 Greene Sreet
North Andover, MA 01845