Subject: File No. S7-25-99
From: Phillip Q Couture, CFP

August 25, 2004

I believe that the public will be seriously at risk of receiving very bad advise from many stock brokers if they are allowed to give financial advice without being required to maintain proper registration as an RIA.

All of the recent scandals should be adequate proof of the potential problem.

I urge you to not give any exemption to the stock brokerage firms.