From: Tim Watters [timothy.watters@verizon.net] Sent: Monday, July 01, 2002 7:07 AM To: Securities & Exchange Administration Cc: Duane.Thompson@fpanet.org Subject: file #s7-25-99 Dear Chairman Pitt, As a financial planning professional in private practice for over 15 years, I object to the proposed rule allowing Broker-Dealers to offer comprehensive financial planning without being subject to registration as Investment Advisors. Without embracing standards that align our interests with our clients, our profession would do a disservice to the public. Our industry requires us to adhere to rigorous standards of conduct and professional responsibility. I have a hard time believing that an investment organization similar to Fidelity Funds would have the same rigorous standards in working with the public. Given all of the financial scandals in the press on a daily basis these days, why relax an important standard? Timothy Watters, CFP Timothy J. Watters, CFP 201-818-0156 201-818-4956(fax) Web:www.wattersfinancial.com Securities offered through Washington Square Securities, Inc. 20 Washington Ave. South, Minneapolis, MN 55401 617-372-5507