Subject: File No. S7-25-99
From: Georgette Frazer, CPA/PFS, CFP,AIF
Affiliation: B/D Financial West Group, First Affirmative Financial Network, Progressive Asset Management

September 7, 2004

Working both under fees and commissions with new clients, I have had an opportunity to see what is being recommended by other advisors and commission-based brokers. Generally, here in central Wisconsin, financial advisors of all types are ethical and above-board. The few instances of lower quality work Ive seen have come from reps of large, sales-oriented, transaction-based wirehouse firms. I believe that this can be due to the higher pressure to produce which these reps are under in these environments, together with a lower ethical standard at the top, and weaker supervisory practices.

Please eliminate, rather than amend, the proposed exemption.

Georgette Frazer