Subject: File No. S7-25-99
From: Sammy L Gott

August 24, 2004

Why do broker/dealers get to avoid the blanket fiduciary protections of the Investment Adviser Act of 1940 and Registered Investment Advisors do not? This rule permits stockbrokers to misrepresent their fundamental sales role as one of a fiduciary adviser receiving a fee for advice. It places Certified Financial Planners like myself at a competitive disadvantage by allowing brokers to market similar programs under less rigorous regulatory standards for disclosure and advertising. This Rule needs to be done away with.