Subject: File No. S7-25-99
From: brett h schwartz, cfp
Affiliation: fpa

August 23, 2004

WITHDRAW, do not amend, the rule proposal regarding exemption for brokers-dealer. We believe the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.