Date:    05/10/2000  5:53 PM

Subject: File No. S7-25-99

I wholeheartedly object to Broker-Dealers being exempted in any way from the 
requirement to Register as and Investment Advisor. I believe the consideration 
of this exception is primarily of benefit to the large warehouses who stand to 
gain a substantial gain by circumventing the regulations we independent advisors
have to follow. They simply should not be able to skirt proper disclosure and at
the same time refer or even intimate that they are providing "investment 
advisory" services or "financial planning".
     
     
Michael L. Jones, ChFC,CFP, RFC
Resource Advisors, Inc/LPL
A Registered Investment Advisor/ Member NASD/SIPC 
1941 Bishop Ln., Suite 206
Louisville KY 40218