Subject: File No. S7-25-99
From: Robert J Cole Jr

August 26, 2004

I am wrting to request that the SEC WITHDRAW the rule exempting broker-deakers from the Investment Advisors Act of 1940. I think that the regulartory playing field should be equal for ALL advisors and that the large institutional organizations should not be exempted . As an RIA, I have to disclose all conflicts of interest to my client and so should ANYONE else who is acting in the role of investment advisor. This appears to be a case of the big money boys getting special privilages....