Subject: File No. S7-25-99
From: Charles D Vaughan, CFP
Affiliation: President, The Retirement Source, Inc.

August 23, 2004

Consumers have a right to know all the relevant information regarding the firm and advisers involved in giving investment advice for a fee. Having spent a number of years as a stockbroker, I know that many have little knowledge above stong selling skills.

S.E.C. registration assures that a prospective client will get reasonably full disclosure rather than merely a good sales pitch. Why should they receive less protection from brokerage firms than from registered investment advisers?

Fairness to the consumer demands full disclosure from all advisers. This proposal should be scrapped.