Subject: File No. S7-25-99
From: B.T.Conry, Jr.
Affiliation:

September 10, 2004

Please withdraw this rule and stockbrokers are very aggressively marketing themselves as planners and consultants. In fact I believe over 20% of wirehouse revenues are derived from "fee" based activities. Based on their marketing & hiring practices the fee business will grow dramtaically in the future.

Therefore, the advice they provide is not incidental to the business of selling stocks.

Put stockbrokers on a level playing field with all other advisers who they compete with by making them comply with the Investment Advisors Act of 1940.

Thank You-B.T.Conry, Jr.