Subject: File No. S7-25-99
From: William J Kring
Affiliation: Certified Financial Planner Professional

August 24, 2004

I respectfully ask the SEC to WITHDRAW the rule proposal allowing Broker Dealers to be exempt from certain provisions of the Investment Advisors Act of 1940. In a time where full disclosure and fiduciary standards has never been more important, this rule is a step backwards and a free pass to the broker dealer community.


William Kring
President, Kring Financial Management, Inc.