Subject: File No. S7-25-99
From: Velda A. Eugenias, CFP

August 23, 2004

Please withdraw, not amend, the proposed rule S7-25-99. I believe the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services. .

I worked for a bank broker/dealer and I know how misleading it is to the clients - when sales people want to push a product under the guise of Financial Planning. True planning by fee only advisors is the better way with less conflict of interest and it is highly regulated - fee-based planners and sales people need to be as highly regulated if not more so.

Thank you.

Velda A. Eugenias, CFP®
Cedarholm & Eugenias, LLC
Financial Planning & Wealth Management
110 Bay Street
Gadsden, Alabama 35901
256/547-7237 Phone
256/543-2374 Fax
256/613-9424 Cell