Subject: File No. S7-25-99
From: Berthel A. Olsen,III

September 17, 2004

Certain Broker Dealers Deemed not to be Investment Advisers....Once again a case of large BD pressuring the system to get what they want for financial gain. It is unbelievable to me that such a double standard would be allowed at a time when this industry is under fire for wrong doings, receipt of soft money, exhorbident fines and of course, no admission of guilt.

I left the broker dealer industry this year to form my own RIA primarily to set myself apart from the gross incompetence that exists in the industry today.

The Commission needs to realize that the Investment Advisers Act of 1940 was put in place for a reason. As advisers, we are at a critical time where we need to be doing it better and with the highest level of integrity and ethical standards. Allowing BD to not comply with this Act is one more step in all of us having the perception of looking out for no one but ourselves for our own personal gain, not the clients. We pride ourselves on having fiduciary responsibility for our clients and the type of fee based planning work we do. Please do not further cheapen a industry marred with scandal...WITHDRAW THIS PROPOSAL NOW.

Berhtel A. Olsen, III