Subject: File No. S7-25-99
From: Carl D Goodin
Affiliation: Member, Financial Planning Association

August 25, 2004

As I see it, exempting broker-dealers from the Investment Advisors act of 1940 would only serve the interests of the broker-dealers, not the public. If broker-dealers are only in the business of executing transactions, then they should be regulated as broker-dealers, but, if they are in the business of giving investment advice, they should operate under Advisers Act, like other advisers do.