Subject: File No. S7-25-99
From: Duffy G Elliott, Sr
Affiliation: Georgia Society of CPAs, Financial Planning Association

August 26, 2004

I have worked at a large brokerage house in the past and been through their training programs. I can tell you that what they teach is SALES. They spend very little time on investments and even less time on what investments are right for what client.

I believe all people who provide/appear to provide financial advice should be held to the same standards. Specifically, if a person wants to sell investments and give investment advice, they need to be educated on the subjects and qualified to give this advice.

There are way too many salesmen in the investment world that have no clue of what is appropriate for what cleint.

I am a CPA and am currently working on my CFP designation. I work hard to do the right thing for my clients and constantly have to address skepticism of new clients due to their fear of the slick sales pitch from their past experience. It is time the SEC took a step away from the brokerage house Mr. Donaldson are you listening?lobbyist and toward the people.

Furthermore, since the repeal of Glass Steagal, shouldnt the banks and insurance companies be held to all the same standards as well?

Thank you for considering public opinion.