Subject: File No. S7-25-99
From: Russ

September 28, 2004

I am an independent financial advisor, working under the corporate IAR of a B/D. All too often I am faced with the delicate task of explaining to clients why I have to follow a myriad of financial planning rules, while their “broker” who claims to be a financial planner does not. The wirehouse brokers in my town are notorious for their highly deceptive activities. It is very difficult to understand why the SEC would continue to consent to the wirehouses wish to make all the claims they want without having to be accountable. Please do not allow them to be exempt in any way shape or form. Thank you.