From: Rick Miller [rickmill@comcast.net]
Sent: Tuesday, June 25, 2002 11:43 AM
To: rule-comments@sec.gov
Subject: file # S7-25-99

The proposed rule to permit broker-dealers to offer financial advice
without registration and compliance with the Investment Advisors Act of
1940 is completely out of step with the reality of the times and the
need to protect the public.  As a former stock and futures broker, I can
testify that the public is consistantly mislead into actions that are
speculation under the guise of investing.  This rule is akin to allowing
the fox into the hen house and dressing the fox in a chicken suit to
boot.
To permit broker-dealers to escape proper disclosure and adherence to
fiduciary standards given events in the financial brokerage houses over
the past year is just intolerable and must not occur.

Rick Miller
Registered Investment Advisor