Subject: File No. S7-25-99
From: James E Wilson, CFP
Affiliation: owner, J.E. Wilson Advisors,LLC

August 25, 2004

The proposed Rule in essense allows broker dealers to function as investment advisers without the concommitant fiduciary duty all other advisers owe their clients. The Rule should not be amended but should be withdrawn as it makes all financial consumers dealing with broker dealers into customers where they expect to be clients. Websters says a client is one under the protection of another. The proposed Rule allows broker dealers to confuse the public with their advertising and promotion into thinking that they are a client, one under protection of another. In fact, they are just customers where only the duty of a merchant...not to defraud exists. I urge the removal of the Rule . James E. Wilson,CFP