Subject: File No. S7-25-99
From: Brian P Sprague, CFP

August 23, 2004

I understand the SEC is reopening for public comment a controverial rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs

I urge the Commission to WITHDRAW, not amend, the rule proposal. I 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.

I do not believe this rule is good for the public and good for the industry.

Please give just consideration