Subject: File No. S7-25-99
From: William S Bivin, CFP
Affiliation: President, Bivin Associates, Inc.

August 25, 2004

I am writing to object to the SECs proposed rule, Certain Broker-Dealers Deemed Not To Be Investment Advisers.

Clearly the proposed rule exempts a large number of Broker-Dealers and their registered representatives from complying with the basic disclosure and conflict principals established under the Investment Advisors Act of 1940 and subsequent rulings and amplification provided by the commission. This rule appears to allow brokers a free pass regarding investment advisory issues that require all advisors to be held to a higher fiduciary standard.

At a time when the investing public is looking for clear signs of honesty and disclosure in our business, the commission should enforce the same standard on all.


Wm. Stan Bivin, CFP