Subject: File No. S7-25-99
From: Paul E Huber

August 27, 2004

I urge you to WITHDRAW your proposal to exempt broker/dealers or any other financial organizations from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.

It is contrary to the publics interests to be offered financial advice without the advisor being subject to regulatory oversight.

Companies should not be allowed to offer financial ADVICE as distinct from sales recommendations unless they are willing to conform to the higher standards implied by that service. It is clear from the marketing efforts of such firms that they are positioning themselves as advice-givers rather than sellers of products.

If a company is PRIMARILY in the business of selling products, it should not be allowed by regulators to market itself as an advisor if it isnt willing to be regulated as such - that is FALSE ADVERTISING.