Subject: File No. S7-25-99
From: Alan C Hruby, Esquire
Affiliation: Principal, Hruby Financial Planning

August 24, 2004

It is time to withdraw the proposed rule that broker-dealers be exempt from the Investment Advisors Act. The rule is anti-competitive by creating two standards of conduct for persons offering financial planning services: one for registered investment advisers and one under NASD suitability rules. The rule is also anti-consumer, by permitting non-disclosure of conflicts of interest by registered representatives.