Subject: File No. S7-32-04
From: Mary A Gardner

September 3, 2004

I urge you to WITHDRAW your proposal to exempt broker/dealers or other financial organizations from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.

I believe it is contrary to the publics interest to be offered financial advice without the advisor being subject to regulatory oversight. Furthermore, if a company is PRIMARILY in the business of SELLING products, it should not be allowed to market itself as an ADVISOR if it isnt willing to be regulated as such.