Subject: File No. S7-25-99
From: Archibald R Hoxton , IV
Affiliation: Investment Advisor Representative

August 23, 2004

Please withdraw the exemption for registration under the 1940 Act for brokers who offer fee brokerage services. While most of the major brokerage firms avoid the importannt investor protection aspects of The Act by claiming that advice is incidental to the brokerage engagement, all any investor or regulator need do is watch the brokers advertising. Offerings like Total Merrill serve to mislead the investing public. Let them offer advice but make them disclose their conflicts like the rest of us. Thank you.