Subject: File No. S7-25-99
From: Larry West
Affiliation: Registered Investment Advisor

September 17, 2004

As a fee only register investment advisor, the proposed rule personally doesnt affect me because when the difference is explained to prospective clients, they take me as an advisor over the broker-dealer.

However, most of the public doesnt know the difference in an RIA and broker dealer. I am amazed at the large number of undiversified and inappropriate portfolios prepared by broker dealers. When I ask the clients about who constructed the portfolio, the say my previous advisor.

You only have to watch the TV commercials to know that the broker dealers are selling themselves as fiduciary advisors. I have had clients tell me that when they explained to the old broker dealer that they were going with me because comprehensive advise and planning they were going to receive, the broker dealer would say something like, Oh, I can provide all of those services also.

If the SEC does not protect the uninformed public, who will?

The proposed rule needs to be totally rescinded.