From: Roger Southward [rsouthwa@insight.rr.com] Sent: Tuesday, June 25, 2002 8:59 AM To: rule-comments@sec.gov Subject: File No. S7-25-99 Comments Dear Sir or Madam, I am writing to respectfully ask the Commission to withdrawal the proposed rule granting an exemption to certain broker-dealers. My practice works principally with beginning investors and middle income clients. I have worked with numerous clients whose previous advisor was a broker-dealer who promised them a "financial plan." Many times that "plan" is simply a list of stocks to buy, with no further monitoring or followup. Exempting broker-dealers from the rules governing investment advisors will simply worsen this problem. Thank you for allowing me to comment. Sincerely, Roger Southward, CFP Southward Financial Services LLC