Subject: File No. S7-25-99
From: Steven D Carlson, CPA/CFP
Affiliation: CEO - Carlson Olsen Financial Partners

September 17, 2004

I strongly feel the rule proposal should be withdrawn.

I entered the investment and financial planning industry through the broker-dealer industry after selling my CPA firm in 1995. Having worked for two major B/Ds I was appauled at the lack of quality people, training and the numerous conflicts of interest with clients that I saw. I left to start my own RIA firm in 2004 to distance myself from what I consider massive incompitence and conflict of interest in the B/D industry. B/D fines of nearly 2 billion over the past few years would indicate that my perceptions are correct

We do not need to confuse the public.

Many solutions the industry has is to disclosure of conflicts etc. to the client.

I have seen the disclosures that the B/D industry gives to their client. It is fine print buried in a numerous page stuffing in a customer statment or part of a multiple page contract that the consumer either doesnt read or does not understand.

The Act was enacted for a purpose. Large B/D want exceptions to the ruling for purposes that are to their benefit and to the detrement of the consumer.