Subject: File No. S7-25-99
From: Randy Oldenburg, CFP
Affiliation: Camden Financial Management

September 10, 2004

I dont see the debate. The consumers interest should come first. I have not seen any support from the brokerage firms to continue the deception. Every broker I meet tells me that he does the same thing as I do. I use to take this as a cut down, I now agree.

I sat in a dinner recently hosted by the NASD. Robert Glauber, the CEO and Chairman of the NASD was presenting. I raised the Merrill Lynch rule and I received an angry response. I was told that the NASD strongly believes that their standard of client protection, suitability and know your client, was more stringent and provided greater protection for the consumer.

I disagree, but I have to take Mr. Glauber at his word, thus there should not be any resistance from the NASD for us all to have the same standard of care. We should let the attorneys debate which standard has the greatest consumer protection. I know my guess, but I would welcome Mr. Glaubers belief that a Fiduciary Standard lowers the bar in doing the right thing for the client.