Subject: File No. S7-25-99
From: Jeffrey Golden

August 31, 2004

Exempting fee-based brokers who are offering financial advice from registering as investment advisers is ridiculous.

With all that has been discussed about reforming the mutual fund industry for the protection and benefit of consumers and individual investors, this is an even more important issue.

The SEC has an opportunity here to make a very positive difference for the benefit of individuals and families all across this nation.

Either drop the Merril Lynch Rule or enforce the requirement that brokers limit themsleves to solely incidental advice.