Subject: File No. S7-25-99
From: William T Krempa, CFP, CFS
Affiliation: Certified Financial Planner

August 24, 2004

Re: SEC Broker-Dealer Rule Exemption

As both a fee only financial planner and an investment advisor, I feel it is mandatory that BDs and financial professionals be held to a higher standard in the eyes of the public. There is too much confusion in the marketplace as to financial planning VS investment management.

There must be a firm line in what is advise and what is sales related information, provided to the public. Investment professionals must be required to disclose what information is advise and what is sales related. These are separate viewpoints when looking at a client.

ALL individuals and corporations must be held to the same high standards in providing advise to the public.

As an architect designs a home, as does a financial planner designs a financial picture for a client. There are MANY more issues relating to a financial picture, not just investments.

A home builder implements the architects blueprint, as does an investment professional builds a portfolio from the needs of the clients, as discussed in the financial plan.

It is not only the SECs responsibility to govern BDs, but is it also its responsibility to educate US, the financial professionals what can and cannot be said to a client - while either working as a planner or an investment professional.

Please let me know if you have any questions.