Subject: File No. S7-25-99
From: Chris B Reynolds
Affiliation: Certified Financial Planner, American Express Financial Advisors Inc.

August 25, 2004

I would like to strongly recommend that you WITHDRAW the proposal #S72599 due to the double standard that you will create with this rule, but more importantly to protect the consumer from the confusion caused by this rule and also the conflict of interest possibility that could arise from this rule. If you allow this rule to stand, you will jeopardize the standards of fiduciary responsibility that the industry needs to be held to. Thank you for your consideration in this extremely important consumer protection matter.