Subject: File No. S7-25-99
From: Pamela M. Nottingham, CFA, CFP
Affiliation: Vice President - Investments, A.G. Edwards

August 24, 2004

The rule exempting broker-dealers from the Investment Advisers Act of 1940 should stand. Advisers must now follow NASD suitability rules and disclose conflicts of interest as a matter of ethics