August 23, 2004
Re: Release Nos. 34-42099 IA-1845 File No. S7-25-99
Please WITHDRAW the proposed rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.
This Rule permits stockbrokers to misrepresent their fundamental sales role as one of a fiduciary adviser receiving a fee for advice.
The public would be better served by requiring broker-dealers offering fee-based programs to comply with current registration requirements of the Advisers Act and thereby restoring a level playing field for disclosure of conflicts and fiduciary conduct by anyone meeting the definition of investment adviser.
Thank you for your consideration.
T. Taylor Payne, CPA/PFS, CFP