Subject: File No. S7-25-99
From: Anonymous reviewer

September 12, 2004

Stockbrokers should not be able to market themselves as financial planners. The fact is that banks and brokerage houses along with the many individuals that sell funds for the various mutual fund family's always offer to help clients with a financial plan. However, it always ends up that the plan they provide for you includes buying their annuities, mutual funds, stocks and bonds, and insurance policies. This planning generally does not provide the individual with guidance on taxation, budgeting, retirement planning, estate planning and risk analysis. Most often the focus of the plan is asset allocation. I do not believe that anyone should be allowed to offer so called financial planning if that individual will receive any type of a commission or incentive for selling financial products. Consumers are continually mislead on this issue. The advice that a broker may dispense when selling securities that is considered "incidental to selling securities" is not financial planning. Do the right thing for the consumer and withdraw rule S7-25-99. Thank you.