August 30, 2004
Please register my support for the withdrawal of the Merrill Lynch rule and for my support of the Financial Planning Associations FPA proposed changes. I strongly disagree with the SECs position of allowing certain financial representatives who provide investment management for a fee exemption from registration under the Securities Act of 1940. Given todays high level of public need for clearly defined financial oversight, I believe having two different standards is confusing to the public and does a disservice to the end client who is expecting a fiduciary type level of financial advice with respect to fee-based investment management accounts.