Subject: File No. S7-25-99
From: Nancy J Lange, CPA, CFP

January 18, 2005

As a financial planning professional, I was shocked when I learned about the so called Merrill Rule. Imagine how the general public would feel if they knew that their broker dealer does not have a fiduciary duty to do what is in their best interest.
As the number of Americans needing financial and investment advice continues to grow, the SEC has a fiduciary duty to ensure that the investing public is properly protected.