Subject: File No. S7-06-04
From: Yale Goldman

March 15, 2004

In order that an individual investor can invest with confidence the investor needs to know is actual costs incurred in making the investment.
In order that an individual investor accept advice with confidence from any advisor, whether the advice comes from a securities sales person or financial advisor, the investor must know the true reason the particular advice is given.
Most buyers realise there are costs involved in any transaction. When a buyer discovers after a transaction costs that were not disclosed before completion of the transction, both the buyer and the seller lose. The buyer is unhappy and will not go back to the seller the seller loses the customer and may also be forced to disgorge the not disclosed costs.
Most buyers aware that every seller, whether seller of a product or seller of advice has many reasons for giving that advice. When a buyer realises that the advice was given for reasons that, if known, would have caused the buyer to treat the advice differently, both parties lose.
Transparency is good for both buyers and sellers. Unfortunaty transparency in the security business needs to be enforced by government and not left to the marketplace.