Subject: File No. S7-25-99
From: Edwin R. Baldrige, III
Affiliation: CFP

September 7, 2004

I urge the SEC to withdraw the rule proposal exempting brokers from registering as advisors. One of my concerns with the rule is that very few of investing public knows the difference between the sales role of the broker and the fiduciary role of an advisor until it is too late for the client.

As a former registered representative of a brokerage firm, I can assure you that the differences are substantial and allowing a broker/registered rep to act as an advisor without the fiduciary responsibility is something that is not in the publics best interest.


Edwin R. Baldrige III, CFP
Baldrige Asset Management