Subject: File No. S7-25-99
From: Alice W Hallford, CFP
Affiliation: NAPFA, FPA

September 16, 2004

I urge the SEC to rescind the Broker-Dealer Rule Exemption in its entirety. The rule is harmful and confusing to consumers. High fiduciary standards should apply to all who give any kind of investment advice.

Thank you,
Alice Hallford
Hallford Financial Advisors