Subject: File No. S7-06-04
From: Bruce E Winter, Esquire

March 27, 2004

It is my opionion that this increased regulation is uneccessary, burdensome, and may chill the financial planning process if fees become such an important item of disclosure. In a financial advisor relationship, the trust between the fianncial advisor and client is crtitcal. The discussion on fees, 12B-1 payments, and copmpensation focuses the client in the wrong direction, by not directing his or her attention on asset allocation and the long term relationship.