Subject: File No. S7-25-99
From: Oliver R. Tutt, CFP
Affiliation: Managing Partner, Blackstone Capital

August 23, 2004

I would like to urge you to withdraw the proposed rule which would exempt broker-dealers from registering as investment advisors when offering fee based services. This proposal is contrary to the public good and would lessen much needed supervision. If any financial advisor offers advice for a fee, they should be required to register regardless of their affiliation with a broker-dealer. Any exception to this rule lessens protection for the public and potentially submits two advisors with similar services to greatly different compliance burdens.