Subject: File No. S7-06-04
From: Samuel Tenney

April 4, 2005

I feel strongly that it is important to have proper disclosure to clients. I believe clients need to know how there advisor is compensated. As an independent advisor/registered rep, with Mutual Service Corporation, I know that I personal educate my clients or potential clients of the various ways I am compensated. I know some registered reps do not communicate compensation, fees, and other expenses correctly, which is a concern.

Yet, I do feel that if my broker dealer has to point of sale disclosures - they will limit what I can sell or offer to my clients. This would be a major set-back for my clients. I pride myself as an unbiased, no proprietary product advisor. If I were limited in anyway, my clients would suffer. I do not think this is your intent. Please consider other alternatives.


Samuel Tenney
Registered Rep. / Mutual Service Corporation