Subject: File No. S7-25-99
From: Ian L. Randolph
Affiliation: Financial Planning Assoc Member

September 8, 2004

I would like to urge the Commission to WITHDRAW, not amend, the controversial rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs. I believe the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.
A Concerned Fee/Commission Based Financial Advisor