Subject: File No. S7-25-99
From: Alan Ken Flake
Affiliation: CFP

August 24, 2004

For four and a half years the proposed change in the rules governing RIAa and broker dealers has haunted us. It is frustrating to our industry to have such a threat in abeyance.

I further state that there are regulations enough enforcement of those already established is all that we need. Further regulation, or change in regulation, is not necessary and would be detrimental to adviser and investor alike. It isnt more rules that make better compliance, its enforcement. Also, the SEC should be as concerned for the protection of the adviser as it is for the investor.

RIAs require full disclosure and client approval to a satisfactory level already. More requirements, or different requirements, would not improve anything, but might make it worse. I propose leaving things as they are.