From: Peggy W. Lyon
Sent: April 1, 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:

Your consideration is greatly appreciated. We understand that this is a complicated subject and that there are many areas to consider.

I was alarmed to hear about the proposals that you are considering. As a financial professional, I am concerned about the potential negative impact that the SECís proposal on point of sale and confirmation disclosures will have for investors.

Not being required to offer clients proprietary products has been an advantage for me. As an independent financial advisor, I have always been able to offer my clients the most appropriate investment vehicles based on an unbiased assessment of their needs. The SEC point of sale disclosure system, as proposed, would have the unintended consequence of substantially limiting the broad universe of mutual funds and variable annuities that I am now able to offer my clients. This consequence could affect approximately 300 of my clients who currently invest in mutual funds.

Furthermore, while cost is an important factor in any investment decision, this proposal misleads investors into believing that the lowest cost product is the most suitable versus encouraging investors to weigh all factors of suitability.

I fear that in the end, it will be the individual investor who will ultimately pay the added cost of implementing this proposal, either through increased fees or a limitation in the number of products offered.

The complexity of the proposal runs the risk of further confusing investors. Rather than adopt the current proposal, I would urge the SEC to re-focus its efforts on incorporating important fee information into the prospectus and in turn, creating a more user-friendly prospectus that would better aid investors in their decision making process. It would be very helpful if all prospectuses were required to put their information in the same order so we could find things easily. It would be less confusing.


Peggy W. Lyon, CFP
JPL Financial Services, Inc.
Houston, Texas Securities offered through Linsco/Private Ledger