Subject: File No. S7-25-99
From: Andrew k. Markham
Affiliation: President, Markham Financial Services

August 23, 2004

This rule will be harmful to consumers by creating two different standards of conduct for persons offering financial planning services. We will end up having the normal fiduciary standard for registered investment advisers and a lower one under NASD suitability rules.

Furthermore, this rule would also exempt brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.

There is no justification that you could make to the consumer to offer them a lower standard and lack of disclosure. This is extremely short-sighted and absolutely not in the best interest of the consumer.