Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549-0609

Re: Release No. IA-2028; Exemption for Certain Investment
Advisers Operating Through the Internet

Dear Mr. Katz:

I would like to comment on the Securities and Exchange
Commission's proposed exemption for certain investment advisers
providing Internet-based investment advisory services
(hereinafter, the "Rule" or the "Proposed Rule").

Although my comments come after June 6, 2002, I am pleading that
they be included for one simple reason, my small investment
advisory firm represents one type of business the proposed
regulations seek to address.

My firm is unique in that we do not, nor do we intend to manage
clients' money.  We provide financial planning exclusively on an
hourly or flat-fee basis. The Commission's current investment
advisor registration regulations require me to register with the
state where I maintain an office (Maryland).  I offer services on
an hourly or flat-fee basis in order to work with a very
underserved group of people: middle-income Americans whose modest
assets do not qualify them for services offered by traditional
financial planning firms.

The cost of my services is reduced because of my ability to
communicate using the internet, however, I do not offer strictly
software driven services via the internet for a simple reason:
too often such 'canned' systems fail to account for important
subtle personal financail factors unique to every client.

To serve middle-income clients in a cost effective manner in
other states, I could use the internet, telephone and U.S. mail.
However, doing so is currently cost prohibitive because I would
have to register separately in each state where I would seek
business.

Therefore, I am suggesting that the Proposed Rule be modified to
allow hourly-fee financial planning firms who do not have, or
intend to have, assets under management (of which their are very
few), to register with the SEC rather than each individual
state.  This modification would allow more middle-income
consumers to benefit from objective hourly-fee financial guidance
from the few planners that wish to serve them.

Thank you for your consideration of this issue. Please do not
hesitate to contact the me if you have any questions or comments.

Sincerely,

Gregory S. Neal
Managing Principal
Neal Financial Planning
5702 St. Albans Way, 1st Flr
Baltimore, MD 21212
410-464-2060