Subject: File No. S7-25-99
From: Lisa Squire

July 22, 2004

Dear Office of Investor Education and Assistance,

I would like to express my view that any person who is providing advice to an investor should be either 1) actually advising in the best interest of the investor or 2) openly identified as in a sales role. When someone moves between these 2 roles, it appears to me the sales incentives may get in the way of looking at the best interest of the investor. It appears to me, that Broker/Dealers should have to comply with the Advisors Act.

With all of the problems that have been showing up in the last years, I am surprised that the rules are not becoming more strict.

Thank you,

Lisa Squire
505 Main St #431
Gaithersburg, MD 20878