Subject: File No. S7-25-99
From: Eric Tashlein

August 24, 2004

In regards to broker dealers being exempt from the investment advisors act of 1940, I believe this does not allow for a level playing field in our industry. As an owner of a small registered investment advisory firm, Im not sure why brokerage firms are given special treatment and Im sure that clients would be treated better if the brokers had fiduciary responsibilities to their clients.
In addition, I pay a sizable amount to stay in compliance with the law, I do not understand why larger firms should be given an advantage on an already lopsided field.

Sincerely, Eric