From: Terry L. Kaul CFP [tkaul@vantagefinancial.com] Sent: Monday, June 24, 2002 12:14 PM To: rule-comments@sec.gov Subject: Rule No. S7-25-99 Dear Gentlefolk: I am a registered rep with Linsco/Private Ledger and also an Investment Advser Rep (IAR) with two different RIA's. It has been my understanding that as an IAR, I have a fiduciary responsibility to my clients and that my actions are guided by the Investment Advisers Act of 1940 as well as the CFP code of ethics. I am proud to be a member in good standing of an industry so committed to protecting the consumer. Consumers are best served by professionals who provide financial planning advice acting in a fiduciary capacity and those who disclose any financial and other conflicts of interests. Broker dealers who are providing financial planning advice to consumers should be subject to the same high standards. I urge you to withdraw proposed rule No. S7-25-99 in order to protect consumers and the integrity of our industry. Respectfully submitted, Terry L. Kaul, CFP Vantage Financial Partners Limited (847) 590-9191 Securities offered through Linsco/Private Ledger Member NASD/SIPC