From: Chris Dalto [CDalto@DELESSERTFinancial.com]
Sent: Thursday, June 27, 2002 10:15 AM
To: 'rule-comments@sec.gov'
Subject: FW: FILE No. S7-25-99



Dear SEC; 

> I oppose the rule (S7-25-99) that permits broker-dealers to offer
> comprehensive financial planning advice without being subject to
> registration under the Investment Advisers Act of 1940 or similar state
> laws, and their incumbent disclosure and fiduciary standards!
> 
> Without uniform standards of conduct for the profession, there will never
> be a recognizable financial planning profession.  Without embracing
> standards that align our interests with our clients, the clients will
> suffer!  Too many non-qualified entities, including broker-dealers, are
> touting themselves as financial planners.  The result is an often duped
> client who approaches financial planning as a profession, much like going
> to a doctor, with the utmost trust in the individual(s) representing
> themselves as qualified planners and experts.  
> 
> This rule discounts the profession, and fosters the misuse of the public's
> trust by allowing the practice to continue.  The Investment Advisers Act
> of 1940 and similar laws are there to serve the public and keep financial
> professionals in line with a certain set of standards. Now more than ever,
> in this environment where every day there is another falsehood uncovered
> in the Corporate America's accounting practices, does the financial
> professional need to show adherence to a Code of Ethics and performance
> standards.  This rule is a misuse of public trust, provides leeway for
> abuse of the financial planning profession, and discounts those certified
> financial planners who have worked for that certification and do embrace
> the highest standard of conduct.  
> 
> Sincerely,
> 
Christopher Dalto, JD, CFP 
> Delessert Financial Services
> 32 Union Street
> Newton Centre, MA  02459
> 617 928 1750