Subject: File No. S7-25-99
From: Karen Cox
Affiliation: Fee-Only Financial Planner

September 15, 2004

I strongly support the withdrawal of the exemption for broker-dealers from full fiduciary and disclosure standards of the Investment Advisors Act of 1940. In my experience working with clients, they do not understand the different standards applied to fee-only investment advisors and broker-dealers. Brokers now tout their financial advice and often use titles like financial consultant, even though clients dont understand that the broker is held to a lower standard than investment advisors who are subject to fiduciary standards. With all the scandals affecting public confidence in our financial system, I think it is time to hold brokers who provide financial advice to the public to the higher fiduciary standards.