Subject: File No. S7-25-99
From: Norma Finkner
Affiliation: Certified Financial Planner

September 9, 2004

I would like to comment on the exemption of stock brokers from registration as investment advisors.

It is interesting that the brokers advertise that they provide advice but want to be exempt from registration. They should not be able to have it both ways

They advertise that they provide advice, but yet want to be exempt from registration.

This is an unfair practice.