Subject: File No. SR-NASD-2004-183
From: Michael Laine, CFP

August 3, 2005

Suitability guidelines are of course very important to any investment recommendation. However, please be aware that a clients time horizon is only one of the criteria and should never be isolated for reasons of suitability.

Variable annuities are often used for both immediate income as well as long term growth. The proposed ruling does not make good sense in the real world. Please reconsider.

Sincerely, Michael Laine