Subject: File No. S7-25-99
From: Jeff Bogue, CFP

February 3, 2005

The reproposed rule still does not make an effective distinction between brokerage services and advice. The consumer wants to know that the advice they receive is in their best interest. If a broker wants to provide advice beyond transaction element of buy this/sell that, then they should register under the advisors act and take on the fiduciary responsibility. For the best interest of the consumer, withdraw the Merrill Lynch rule.