Subject: File No. S7-25-99
From: Edward Moore
Affiliation: Financial Advisor

September 17, 2004

As a professional in the financial industry, I cannot imagine why a stock broker who offers the exact same type of wrap fee account has a fully different set of less stringent rules than an Investment Advisor has. The rules should be the same so the consumers receive the same protection and disclosure no matter who they are dealing with.

Thank you