Subject: File No. S7-25-99
From: James D. Hallett
Affiliation: Hallett & Associates, P.S.

August 25, 2004

In my 17 years of professional practice, this is the first time I have felt so strongly about an issue to write. I chose to become an independent advisor because it is a privilege to serve clients. I welcome the added responsibilities that come with my role as a fiduciary. And yes, I also welcome the more rigorous standards and regulations that accompany that position.

That is why I urge the Commission to withdraw this proposal. If it is adopted, the consumer will suffer. While neither you nor anyone else can legislate morality, you can level the playing field and require all participants to abide by the same professional standards.

The American Public deserves nothing less than the very best. By withdrawing this proposal, you will be sending a clear message that you stand with the Public as an advocate for their best interests.

James D. Hallett, CFP ChFC CLU CDP
Hallett & Associates, P.S.
Registered Investment Advisor
securities through Cambridge Investment Research, Inc.
360-457-6030 fax