Subject: File No. S7-25-99
From: Jo Ellen M Guld

September 22, 2004

I work for a financial planner who is an independent RIA as well as a registered rep with a broker-dealer, who is registered with the SEC and having just passed my Series 7 exam, I can certainly understand the importance of being registered in order to provide protection for the consumer.

Its incomprehensible that ALL firms are not required to be registered ESPECIALLY large wire houses. The fact that they are given free reign to dispense investment advice certainly undermines the protection to their clients.

I am writing to require that the SEC rescinds the rule so that everybody who offers advice be regulated as fiduciaries, with all the consumer protections that it entails.

Jo Ellen Guld