Subject: File No. S7-25-99
From: Brad A Thompson
Affiliation: Financial Advisor, American Express Financial Advisors Inc.

February 7, 2005

The proposed rule would allow consumers to pay for their advice and investment services they way they have come to expect. If the brokerage firms have become advisors they can be more heavily regulated to comply with the standards expected from traditional advisors. The notion that varying application of obscure legislation that is unknown to the investing public, will somehow create a better consumer experience, is laughable.

Scrap the entire system and regulate everyone who wants to offer advice in a similiar fashion. The investing public will never understand the nuances and everyone is clearly giving advice. Create standards of advice and regulate more specifically from there.

I am dually registered and not one single client knows or cares about the difference.