Subject: File No. S7-25-99
From: deborah l thomas, JD, CFP
Affiliation: Silver Oak Advisory Group

September 16, 2004

I do not believe brokers should be exempt from registering as Investment Advisors or complying with the rules regulations of the SEC related to RIAs, when they are giving investment advice to individuals. Consumers do not understand the difference between a broker giving them investment advice and an RIA doing it, yet the two are held to very different standards.

I would like to see all investment advisors and brokers be required to provide full disclosure to customers about fees and services, abide by a common code of ethics, and be audited by compliance to SEC regulations.

Please do not continue this exemption to the Act.