Subject: File No. S7-25-99
From: Barry L. Kohler, JD, CFP
Affiliation: Principal, BDMP Wealth Management

September 7, 2004

As a former attorney with the Consumer Fraud Division of the Maine Attorney Generals office, I am sensitive to the importance of protecting consumers.

As a practicing financial advisor, I know all too well that most lay people believe that stockbrokers and others are working on a fiduciary basis, when in fact, that is not the case.

Please do not exempt brokerage firms from the regulation which consumers need and under which most of the other providers in the financial services world operate.

Thank you.