August 24, 2004
Please withdraw File No. S7-25-99 from consideration in its entirety. Full and fair disclosure to consumers of all compensation arrangements by any and all registered representatives, financial planners and investment advisors should be mandatory, regardless of whether or not they are affiliated with a broker-dealer or they are an independent Registered Investment Advisor. All should be subject to the Investment Advisors Act. This is fair for the consumer to be able to understand all compensation biases that may motivate the advisor to recommend one course of action over another. It would be unfair and anti-competitive to exempt one type of advisor from full disclosure while imposing the rule on others. Thank you.