Subject: File No. S7-25-99
From: Bill McDonald

January 14, 2005

I recommend a complete withdrawal not revision of the proposed rule where fee-based brokerage programs offer financial planning and other advisory services.

This is another example how the customer will be unfairly taken advantage of in the industry. We owe it to the customer to simplify not confuse them more by adding all of the additonal disclosures to brokers who become fee-based.

If they want to become fee-based, make them go through the proper channels like we did. This forces you to change your mind-set in this industry that commissions and sales is wrong.