Subject: File No. S7-25-99
From: Robert S. Seltzer, CPA

August 24, 2004

I think it is absurd that large broker dealers will get an exemption from your oversight as investment advisors. If they changed all their advertising to say that they simply sell products then I wouldnt have a problem. As we all know that wont happen. As long as they advertise and present themselves as advisors, they should be regulated as such and should not be considered for an exemption.

Thank you for the opportunity to express my views.