Sent: Tuesday, February 24, 2004 7:45 PM
Subject: File No. S7-06-04

Dear Mr. Katz,

Thank you for allowing me the opportunity to comment
on the proposed rule that will require financial
advisory companies to disclose the commissions/kick
backs etc associated with a recommended mutual fund to
the investing public.

In my opinion, the SEC has made a great leap forward
in protecting the investing public from unscrupulous
companies like American Express Financial Advisors
("AEFA") by requiring the proposed form. I am
requesting two changes be made to the form. First of
all, the current form doesn稚 have any type of
benchmark for comparison. I am requesting that the
form include some type of scatter plot so the
individual investor can see exactly where the fund
commissions lies within the other mutual fund choices.
 Since some companies offer thousands of choices, this
would make the scatter plot very cluttered so I知
recommending a scatter plot be done per mutual fund
class (i.e., a large cap growth fund receives a
scatter plot from the other large cap growth choices).
Moreover, I知 requesting the scatter plot also show
the commission structure/kick backs of an index fund
of the same category. Secondly, I知 requesting the
form include any type of management fee costs
associated with a wrap account. Lastly, I知 requesting
that this form be required for annuities as well as
Variable Universal Life ("VULs") insurance policies
since these products are designed to confuse the
individual investor with the costs associated with
owning one of these money losing products.

While we池e on the subject of reform, I知 requesting
that companies like AEFA remove the "Financial
Advisors" from the name of the company. As we all
know, AEFAs terms and conditions are riddled with
potential ( translation: actual) conflicts of interest
with respect to the bulk of their product offerings.
Since AEFA is nothing more than a conduit to
"recommend" high fee products and since this company
is not advising (translation: selling) the term
"Financial Advisors" should be changes to something
more applicable (i.e., American Express Financial
Salespeople).

Hopefully, companies like AEFAs special interest
groups won't water down this form to some meaningless
figure in order to keep business as usual (e.g.,
fleecing the individual investor in order to make
massive profits).

Regards,
Gerry Jackson
Member Amexsux.com