From: Diane R. Maloney [dmaloney@beaconfpsl.com] Sent: Wednesday, July 17, 2002 12:08 PM To: rule-comments@sec.gov Subject: File NO. S7-25-99 I am writing to urge the SEC to withdraw the proposed rule, File No. S7-25-99. In the past, the financial planning business has been consistently faulted in the press and by consumer advocacy groups for being unregulated in that "anyone can call himself a financial planner." It is inconceiveable that the SEC would be promoting a rule which perpetrates the preceived inconsistencies in the regulation, standards, ethics and training of those in the financial planning profession. Certainly the proposed rule is not in the public's best interest. The SEC's proposed regulation suggests a convenience accommodation for certain broker/dealers. This is in direct conflict with the public's need for assurance through standard disclosures and fiduciary standards that their financial planners are offering independent advice which is centered around the interests and needs of individual clients. Particlularly at this time, when the transparent conflicts of interest in the financial services industry have shaken public confidence in the whole market, the SEC's position not only does nothing to promote much needed rebuilding of public confidence, but will possibly cause a further erosion of public confidence. Therefore, I urge the SEC to promptly withdraw the proposed rule. Thank you for your consideration. Diane R. Maloney