From: Lois Isbell [lisbell@email.msn.com] Sent: Saturday, June 29, 2002 3:09 PM To: rule-comments@sec.gov Cc: fpa@fpanet.org Subject: File No. S7-25-99 I strongly oppose the adoption of the proposed SEC rule, "Certain Broker-Dealers Deemed Not To Be Investment Advisers." If adopted, this rule essentially permits broker-dealers to offer comprehensive financial planning advice without being subject to registration under the Investment Advisers Act of 1940 or similar state laws, and their incumbent disclosure and fiduciary standards. I hold the certification of Certified Financial Planner. I deemed it prudent to spend four hard years of obtaining the necessary qualifications to sit for the exam. I also have a Series 65 which allows me to function as an investment advisor representative through a Registered Investment Advisor. I shudder to think what will happen when we turn loose on the public the many uneducated incompetents already out there to proffer comprehensive financial planning when they don't even know how to spell it! At least as a CFP I'm rendering a service that is arm's length. I can imagine the results of comprehensive financial planning rendered by the unqualifieds--results which will already add more casualties to the stock market masses.