Subject: File No. S7-25-99
From: Scott Leverenz, CRPC

August 26, 2004


I urge you to withdraw, not amend the proposed rule for two reasons.

The proposed rule allows two standards of conduct. One for the REgistered Investment Advisor and a different, less stringent one for Stockrokers and their firms

The proposed rule will harm the public . By permitting non disclusure of conflicts of interest, it allows stockbrokers and their firms, to misrepresent their primary sales role as one of a fiduciary advisor by receiving fee for advise.

Yours truly,

Scott Leverenz CRPC
The Financial Resource Group