From: Joan M. Valenti
Sent: March 31, 2005
Subject: File No. S7-06-04

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

Re: SEC Proposal on Point of Sale and Confirmation Disclosures

Dear Mr. Katz:

As an independent financial advisor, I have a lot of questions regarding what benefit investors would have with the SEC proposed legislation on point of sale and confirmation disclosures.

I have been in the business for over 20 years. I have chosen to be affiliated with an independent firm so that I can make unbiased recommendations to my clients based upon their needs. The SEC proposed disclosure system would limit my ability to offer such a wide variety of products and I feel would also confuse the investor more. I weigh all of my recommendations based on many factors; age, time horizon, financial situation, tax bracket, risk tolerance, etc. and yes, fees also. However, no on factor should be solely focused on. I think it would be much more helpful to investors if it was required that prospectuses were revised. I believe more simplified language should be used as well as clarification of fee information.

As apposed to confusing the investor even further, I would hope the SEC's focus could be directed to revising prospectuses which would help investors in their decision-making process. It would also help to avoid limiting the availability of products.


Joan M. Valenti, CFP