From: George R. Pierce
Sent: April 1, 2005
Subject: File No. S7-06-04

Jonathan G. Katz
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549-0609

Dear Secretary Katz:

I would urge you to consider the impact of the current SEC proposal with regards to point of sale & confirmation disclosure on small, independent financial advisors.

Our clientele enjoy personalized service and lower fees than our counterparts on Wall Street. We donít have proprietary products or production quotas to create conflicts of interest so prevalent these firms. That being said, as small business operators, we are very sensitive to any increase in our cost of doing business.

The proper disclosures you describe in your proposal can be exhibited in a clear fashion by revising the mutual fund prospectus disclosure or in other less onerous ways. At the end of the day, those of us in this industry who truly care about the welfare of their clients, implore you consider the negative impact your current proposal could have on our industry and the ability to truly serve the needs of our clients.


George R. Pierce, CFP
Registered Securities Principal