Date: 05/07/2000 7:15 AM I am writing re:File No. S7-25-99. I urge you not to adopt these changes. I am a registered representative and, while I would personally benefit by them, I do not believe that they are in the public interest. Registered representatives operate under the "suitability" standard. As you know, this is a far lower standard than the fiduciary standards to which a registered investment advisor must adhere. An RIA must make full disclosure of things such as conflicts of interest that a registered representative need not disclose. I am not opposed to broker-dealers offering advisory services. I believe in doing so, however, they should be subject to the same regulations as a registered investment advisor. To not do so invites confusion on the part of the public and possible abuse. It also provides them with an unfair competitive edge by saving them the cost of preparing Form ADV, use of testimonials, and so forth. I urge you not to adopt this rule change. Very truly yours, Steven B. Morris, CPA, CFP 1770 Indian Trail Road Suite 275 Norcross, GA 30093 __________________________________________________ Do You Yahoo!? Send instant messages & get email alerts with Yahoo! Messenger. http://im.yahoo.com/