From: Rich Demers [richdemers@email.msn.com]
Sent: Tuesday, June 25, 2002 7:12 PM
To: rule-comments@sec.gov
Subject: Comments on Proposed Rule 202(a)(11)-1 under the Advisers Act: 
File No. S7-25-99

Dear Sirs,

    It is unthinkable to me that anyone who acts as both advisor and broker 
can be anything but conflicted.  There is an inherent conflict of interest 
between these roles that should be prohibited under all circumstances.  
Given the current state of distrust of the public in the investment community, 
it is inadvisable for the SEC to allow any deviations from a separation of 
these roles. 

To be more specific, I urge the SEC to immediately withdraw proposed new 
rule 202(a)(11)-1 under the Advisers Act.

Regards...Richard A. Demers