Subject: File No. S7-25-99
From: John J. Miller
Affiliation: Attorney

February 9, 2005

As an attorney who represents brokerage firm customers in securities arbitration, I write on behalf of myself and my clients to oppose this proposal. The proposal would allow major brokerage firms to render what are essentially investment advisory/financial planning services but avoid compliance with the Advisers Act. This is fundamentally
inconsistent with the purposes of the Act and represents a failure of investor protection. Any exception for these firms should only relate to areas where the Advisers Act regulation is duplicated under the Securities Acts. The Advisers Act fiduciary duty and disclosure rules in particular should apply to these firms. Thank you for your consideration.