Subject: File No. S7-06-04
From: Julie Missal
Affiliation: Registered Investment Adviser Representative

March 31, 2005

I have been in the brokerage business for nearly 25 years and have been thru many renditions of disclosure regulations. I feel I have done an excellent job of making my clients aware of fees, expenses, etc that affect their investments.

We can educate and offer but with enough paperwork all we do is scare and repel thus preventing individuals who need a balanced investment portfolio from ever taking the leap into investments and away from cash There are unscrupulous individuals in any profession and perhaps the securities industry recieves a larger share of press than others when it comes to consumer problems but somewhere along the line the client bears some responsibility to keep themselves informed and to understand the investment they have selected.

OUr nation has become suit happy and Im sorry the SEC has taken the brunt of the criticism for not protecting the consumer. Eventually, that consumer needs to accept some responsibility to seek out a reputable individual to handle their investments and to educate themselves as to the features and risks of that investment. Ignorance isnt an acceptable defense against any risk - driving a car, accepting medical care nor investing. I appreciate your efforts to protect the consumers but that needs to be balanced against a reasonable paperload for the individual offering investments - this proposed regulation seems like overkill.