Subject: File No. S7-25-99
From: Lesley J Brey, CFA, CFP
Affiliation: President, L.J. Brey, Inc.

September 10, 2004

Quoting from a Merrill mailing received yesterday:

Our disciplined Wealth Management process starts with this holistic view. As part of the first step, you complete a questionnaire,...

With the insights that the questionnaire provides, your Financial Advisor can help you identify solutions and strategies to meet your goals...

Your report provides an analysis of your portfolio that includes a detailed view of your current and recommended asset allocation, as well as personalized wealth and retirement projections...

Contact your Financial Advisor to learn more about how the questionnaire can help you refine your goals and identify smart solutions based on your total financial picture.

I suspect the majority of the consuming public will understand that this company provides comprehensive financial planning and advice. Just regulate them accordingly. Please withdraw the rule exception rather than amend it.