Subject: File No. S7-25-99
From: Laurence E Menna
Affiliation: President, Menna Capital Management, LLC

August 23, 2004

I just wanted to make sure my voice was heard. I think the SEC should WITHDRAW, not amend the proposal to exempt broker-dealers from advisor registration.

We have worked very hard to separate ourselves from the broker-dealer community. As a Registered Investment Advisory firm, we hold ourselves to a higher standard than broker-dealers. It should remain that way. If broker-dealers want to have fee-based accounts, then their representatives should get licensed as such Investment Advisers.


Laurence E Menna
Financial Planner