Subject: File No. S7-25-99
From: Gene Balliett
Affiliation: NAPFA National Association of Personal Financial Advisors

August 24, 2004

Stockbrokers are salespeople.

All of them are trained to sell, sell, sell.

Few have appropriate training as counselors or advisors.

Even fewer have sincere interest in advising.

Pretending to be objective gets their foot in the door.

Its not a good idea to sanction Wooden Horse behavior.

Please, please, please zap the very idea of exempting them from fiduciary responsibility.