Subject: File No. S7-25-99
From: Richard Dayton
Affiliation: Attorney, estate planning

August 24, 2004

After Enron etc. I cant believe we want to allow broker/dealers sell product and provide financial advice without regulatory oversight. If anything we need more oversight so the public is not misled about what they are doing.

As an Estate Planning attorney I deal with a large number of broker/dealers. The ones that make money selling product are usually aggressive in their methods and do not pay a lot of attention to the needs of the client this is with regulations. It can only get worse without regulations.

Broker/dealers should have to disclose their conflicts they should have to disclose that the financial advice is more than incidental most people would not make a trade without their brokers advice.

Please reconsider this proposal.