Subject: Opposition to :  Release Nos. 34-42099 and IA-1845; File No.
 
Date:    04/12/2000 1:22 PM
     
     
Mr. Jonathan G. Katz
Secretary
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549-0609
     
Re:  Release Nos. 34-42099 and IA-1845; File No. 
S7-25-99; Certain Broker Dealers Deemed Not To Be 
Investment Advisers
     
As an independent financial advisory firm, we struggle daily to educate the 
public about how the current
regulatory framework is meant to protect them, and where it falls short.  Most 
clients have the
perception that their financial advisor always acts in their best interest first
and foremost. 
     
This perception is built and encouraged by individual advisors as well as the 
large financial services
companies. Very few clients understand that the Registered Investment Advisory 
regulations are the
only ones which require advisors to act as a fiduciary for their clients.  If 
the SEC allows large financial
services firms to avoid having to follow the RIA regulations, yet allow them to 
present themselves as
objective fee advisors, then the general public will be misled.
     
Only if the SEC reserves for itself the authority to crack down on advisors and 
companies who present
themselves as objective advisors, and then do not act as fiduciaries, will the 
general public be protected.
     
     
Sherry Hazan-Cohen, CFP
Dream Achieve
PO Box 261565
Plano, TX  75026-1565