Subject: File No. S7-25-99
From: John Heins

July 26, 2004

Re: File No. S7-25-99, Certain Broker-Dealers Deemed Not to Be Investment Advisors

I'm writing to comment briefly on this proposed rule, after reading about it recently in the Washington Post.

I've followed closely the world of personal finance in my 20 years as a media executive, and am regularly shocked and saddened by what passes for investment advice from sellers of investment and financial products. Any SEC rule which in any way lessens the professional responsibility and standards expected of anyone accepting money in return for financial advice -- as this rule appears to do for brokers -- is a BAD IDEA and does a disservice to the millions of Americans who need sound financial advice free of conflicts-of-interest. Better to increase their required disclosures and fiduciary responsibility.

Please consider the financial well-being of the individual investor over the special interests of moneyed broker-dealers.

Thank you.

John Heins