Subject: File No. S7-06-04
From: Paul J Nadel, M.S.F.S.

March 11, 2004

The governments efforts to protect and serve the investing public has had significant impact upon lower, middle and upper-middle class Americans. As fees and commissions are reduced and the practice of financial planning, insurance brokerage and securities brokerage become more complex and difficult, financial services professionals are forced to reexamine their business practices and decisions effecting what type of client that they can economically serve. Many more clients are required to support a practice, thus reducing the time allocated to serve each client. This clearly will not improve the services rendered. The other, and more common option, is to require clients to meet much higher minimum income and net worth requirements. The effect of these actions act to limit or eliminate the availability of professional advice in the financial service industry to all but the very wealthy. On the surface lower costs to consumers seems like a good and noble idea. Unfortunately, it ends up hurting the people who most need the help. Please dont place financial advice beyond the reach of average Americans.