Subject: File No. S7-25-99
From: Brent J Beverly, CFP
Affiliation: President, The Advisory Group

August 23, 2004

I strongly oppose the rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs. There is enough mis-information for the public as it is. All advisors should be held to the same standards. This provides the investing public with a level field to compare different advisor sources so they have a better chance to choose the one that fits their situation.

The rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs should be withdrawn completely -- there is no room here for partial measures. This should be done sooner better than later. The public trust is at stake.

Brent J. Beverly