Subject: File No. S7-25-99
From: James B. McGehee
Affiliation: Owner, Alpha Financial Advisors, LLC

August 23, 2004

As a financial planner and investment advisor who is registered with the state of North Carolina, and adheres to the strict requirements that the SEC and states place on registered investment advisors, I request that the SEC WITHDRAWS, not amends, the rule proposal. There is no reason for professionals in the financial services industry to be subjected to different levels of scrutiny and oversite simply because of there method of delivering services to the public. I thank you for your careful consideration of this matter.
James B. McGehee, CFA, CFP, AAMS, CFS