Subject: File No. S7-25-99
From: Kenneth Kacy Gott, CFP, CPA
Affiliation: Principal, Kochis Fitz

September 22, 2004

I urge you to withdraw the rule.

Many brokers and others in the financial services industry are unclear as to the role of a fiduciary. It stands to reason that the public is even less inclined to understand the difference between a broker and a financial advisor who is held to the standard of a fiduciary.

Please do not add to the confusion by allowing this exemption. Require those who want to provide advice to the public to serve in a fiduciary capacity without exemption. Require that all such advisors provide full disclosure without exception and without exemption.