August 24, 2004
Please withdraw the proposal. If Merrill Lynch, or their reps, or other broker-dealers are using fee-based brokerage programs, they are giving investment advice for a fee, and must register as Investment Advisors with the SEC. They must be subject to the same compliance regulations, and be subject to the same SEC audits as we are. Do they get a break just because they have big lobbyists? Withdraw the proposal. Thank you.