From: Jonathan C. Brandt [jonathan@journeytree.com]
Sent: Thursday, July 18, 2002 8:11 PM
To: rule-comments@sec.gov
Subject: File No. S7-25-99

No broker/dealers should be exempt from registration under the Investment
Advisers Act of 1940.  Avoiding registration would have a negative impact on
consumers and would be unfair to other broker dealers.

In the current climate of fear and frustration with corporations and the
investment markets, this is the last thing we need.

Sincerely,

Jonathan C. Brandt



Jonathan C. Brandt, CFP�
Journey Tree Financial Planning and Investments
401 E. 10th Ave., Ste. 530
Eugene, OR  97401
541/485-3154 (tel)
541/485-0900 (fax)
www.journeytree.com

Securities offered through
KMS Financial Services, Inc.
2200 6th Ave., Ste. 1125
Seattle, WA  98121
206/441-2885