From: LORIMORAN6@aol.com
Sent: Thursday, January 22, 2004 8:51 AM
To: rule-comments@sec.gov
Cc: singletarym@washpost.com
Subject: New Confirmation & Point of Sale Disclosure Requirements
Dear Mr. Katz:

In response to Michelle Singletary's fine column (The Color of Money) 
in today's Washington Post, I submit to your organization my plea to 
modify the current SEC guidlines for disclosure of all information 
regarding mutual fund transactions by "independent" financial advisors  
to ensure full accountability from the financial community.  

At a minimum, we need to enact some laws that make these guys communicate 
more fully with the average investor, regardless of portfolio value, 
particularly in the area of dealer concessions.

When I left my former employer three years ago, I rolled over my 
(approximately $350K) 401K plan into a variety of Oppenheimer Mutual 
funds that were recommended to us by our CFP and accountant.  I know 
that $350K isn't a pile of money when it comes to rollovers, but the 
day I handed over the check to our CFP he seemed really happy.

Needless to say-----given largely to market conditions in the last 5 
to 8 years-----we've lost 50% of the money.  Unfortunately, as 
Ms. Singletary suggests, I'm a "passive" investor.  I just ran 
alongside the market downturn with a misery loves company attitude 
about our losses. 

I was curious as to why this guy was steadfast in his opinion of 
Oppenheimer, never suggesting any of the plethora of similiar funds 
in the market.  In fact, he closed out an American Family fund that 
performed relatively well during the market decline.

During this time, never once did I hear from the same person I 
entrusted these funds to encourage me to alter our financial strategy, 
or never did he suggest switching to any other funds.

I believe now that he is married to Oppenheimer for obvious reasons.  
His compensation is primarily based on how healthy he keeps his 
Oppenheimer portfolio.  When I thought I was diversifying, I was just 
pouring money into the same family of funds that was performing poorly.  

I'm not suggesting any wrongdoing here; however, I am voicing my 
opinion on any rule changes that the SEC can enforce that will make 
these guys more open, proactive, collaborative with their respective 
clients, and more accountable for the losses.  

Everytime I visit "my guy" I wonder if he's feeling it in the pocket 
like I am?

Michelle, thanks for the column.  On behalf of "passive" investors 
around the globe, I'm grateful.


Fran Moran
Olney, Maryland