Subject: File No. S7-25-99
From: Albert J Morrow

September 10, 2004

The proposed rule should be withdrawn. The proposed rule would allow firms to offer financial planning without any of the fiduciary responsiblity and regulatory oversight currently required. A lack of fiduciary responsibility and regulatory oversight will reduce the overall health and public confidence in seeking and retainment of investment products and services to achieving their financial goals.

Firms that actively sell asset management services will certainly not portray investment advice as incidental to the overall service. The investment advice component is a critical component to garnering additional assets and retaining the assets a firm currently manages.