Subject: File No. S7-25-99
From: Ann S Harrod, CFP
Affiliation: RIA Representive, self-employed Fee Compensated

August 26, 2004

I believe the SEC will create an unequal playing field in proposing to allow employees within a broker/dealer setting to offer fee-compensated financial advice under the auspices of current registered representative stock-broker rules without the additional demands and requirements of their competition, we, the regulated Registered Investment Advisors. For same sort of services provided, regulation and standards should be the same.