Subject: File No. S7-25-99
From: David N Shore
Affiliation: Registered Investment Adviser

September 27, 2004

I believe the Merrill Lynch rule should be repealed in its entirety. As a professional, registed, fee-based advisor with 25 years experience, I know how vulnerable financial consumers can be. I have seen too many instances of salespeople violating their customers trust.

Requiring full registration for financial advisors, causing them to fully disclose compensation and act as fiduciaries with their clients does not completely eliminate malafeasance, but it sure levels the playing field and encourages advisors to act in their clients best interest.

Allowing financial salespeople such as the brokers at Merrill Lynch to be exempt from registration is non sensical and antithetical to the kinder evolution that has been occuring in financial services among the Registered Investment Advisors.


David N. Shore
Marin Financial Advisors