From: JFRfnstuff@aol.com
Sent: Wednesday, January 07, 2004 11:07 AM
To: rule-comments@sec.gov
Subject: Mutual Funds, etc. (s7-26-03)

Good Morning,

Want to take a moment to comment concerning the pending mutual fund trading rules.  
The term "hard close" was concerning since the end result of a 4PM "hard close" 
would result in individuals not being able to open accounts or make changes after 
noon or 1PM.  And if someone decides the "hard close" discriminates against people 
on the west coast, or even Chicago, then we'll make the "hard close" for the eastern 
time zone at 11AM?  Or 10AM?

It's a never ending cycle and no doubt frustrating for you.  However, remember the 
frustration we experience trying to comply.  Those who commit the crimes move on to 
the next scandal, while the honest ones are left with paperwork that does little or 
nothing for their business or those they are trying to service.

Having provided financial advice for 20+ years, I have personally lived through the 
ever increasing laws, regulations and rules required to remain in business.  While 
well intended, and sometimes effective, the end result of it all is forcing us to 
work with only "rich" people and leaving 90-95% of Americans to fend for themselves.  
Under the current system it costs us $150 per year just to keep a file up to date.  
If someone has $10,000 with the American Funds, our 12b-1 service fee is $15-25.  
And if the client who has looked to us for 15+ years for financial advice has a 
question concerning the account or needs some money, we're losing even more just to 
answer the telephone.  Yes, these individuals can open accounts directly at Vanguard 
or Fidelity, but they need advice and planning just as much as the millionaire.  With 
all of the increasing government entitlement programs, perhaps the ICFP or FPA should 
propose legislation where financial advisors can be compensated by the government for 
time spent providing advice to people for free?

The only suggestion to offer today is to more aggressively pursue and punish those 
breaking the rules, as well as the supervisors and others who are turning their back 
to it all.  Making public examples of them would be a much more effective means of 
helping the individual investor than adding more disclosure forms and other redundant 
paperwork.  Just like back in elementary school where the misbehaving child got sent 
to the principle's office?  Life isn't complicated.

Thanks for your time.

John Robbins
PO Box 130
Trenton, MI 48183