Subject: File No. S7-25-99
From: Peggy M. Ruhlin, CPA, CFP

September 22, 2004

How broker-dealers can say that financial planning advice is “incidental” to selling securities is unconscionable. Please take a one-minute tour of three major brokers’ websites for individual investors. Buying or selling stocks is hardly, if even, mentioned!

I am opposed to the broker-dealer exemptions to the Investment Advisers Act of 1940 as provided under the proposed rule, in order to afford consumers the protection they deserve and which is owed to them by the SEC.


Peggy M. Ruhlin, CPA, CFP ®

1650 Lake Shore Drive
Suite 150
Columbus, OH 43204
614-481-6919 (Fax)