From: James E. Hyland
Sent: March 31, 2005
Subject: File No. S7-06-04

To whom it may concern,

The proliferations of forms requiring the client signature that are intended to protect the client from abuses have reached the point where they actually have the exact opposite effect. The number of forms necessary to purchase an annuity or mutual funds are rapidly approaching the number that is take to buy a house. I use this comparison because it is politically incorrect to point out the realities in ones own business but anyone who has bought a house knows darn well that they did not read all the forms they signed. This leaves the thinking person to question who are the forms designed to protect because clearly the answer is not the consumer.

Please think long and hard about better ways to protect clients especially the low income ones.The more forms you require the more time consuming and expensive the process becomes and the less likely financial representatives can afford to deal with clients that are not able to invest large sums of money.

Clients only alot a certain amount of time for purchasing products if they use most of that time signing papers instead of asking questions that are relevant to their individual situations, are they better or worse off?

If I can be of help designing requirements that really protect the consumer plese let me know.

James E. Hyland MBA
Suite 255
1789 S. Braddock Ave.
Pittsburgh, PA 15218