Subject: File No. S7-25-99
From: Richard H Bauzenberger, CFP
Affiliation: Principal, LakeShore Investment Managment

August 25, 2004

As a Certified Financial Planner and fee-only investment advisor, I serve my clients as a fiduciary. I believe this is an important distinction from financial service reps that are compensated by the products they sell. When I speak to a new client, I discuss with them the differences, one of which is how I am regulated and the ethics standards to which I conform.

The SEC should help the public by creating greater clarity and understanding about the differences between fiduciaries and financial service reps, NOT create greater confusion.

By helping the public, the SEC will help the broader financial plannning industry. By helping the rich and powerful financial services industry, it does a disservice to the public.