Subject: File No. S7-06-04
From: Paul E. Koller
Affiliation: CFP, CLU, ChFC

April 4, 2005

Just as with any industry that becomes overregulated, your attempt to protect the consumer, although admirable, will only manifest itself in less choice, less service and ultimately increased cost. It will not detour an unscrupulous advisor and will only serve to complicate the process to an already uneducated public.