Subject: File No. S7-25-99
From: John J Hurford, Jr
Affiliation: The Advisory Group

August 30, 2004

I firmly believe that the proposed rule exempting broker/dealers from the Investment Advisers Act of 1940, should be withdrawn.

The rule confuses the general public. For example, in print, radio and TV ads for broker/dealers they often refer to their registered reps as financial advisors or financial consultants. This is missleading the public. These ads give the general public the impression that the brokers registered reps are fiduciaries. Broker dealer registered reps are not fiduciaries, they are primarilly responsible to their broker/dealer not the individual clients they serve. If registered reps want to be financial advisors let them drop their Series 7s and become Registered Investment Advisers or Investment Advisor Reps.

The Consumer Federation of America and AARP have also expressed their concerns with the proposed rule to exempt broker/dealers from the Act of 1940.

Withdraw the proposed rule, please.


John Jay Hurford, Jr.