Subject: File No. S7-25-99
From: Lynne T Nahigyan, CFP
Affiliation: NAPFA, FPA

August 30, 2004

I urge you to withdraw the rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.

This rule flies in the face of the strong brokerage industry campaign to persuade the investing public that it is offering fee-based investment advice as a principal service. Exempting broker-dealers from Investment Adviser regulation on the basis that their fee-based advice offerings are incidental to their brokerage services is not consistent with this brokerage industry campaign.

Please withdraw this consumer-unfriendly rule and create an even playing field for fiduciary advisers, rather than giving a competitive advantage to the transaction-oriented brokerage industry, to the detriment of the investing public.