Subject: File No. S7-25-99
From: Craig E Carnick
Affiliation: Financial Planner

August 23, 2004

I would like to take this opportunity to urge The Commission to withdraw your rule exempting broker-dealers from the Advisors Act of 1940. This rule will have the effect of confusing consumers as to the fiduciary standard to which their advisor is being held. To have one standard for RIAs and a different standard for broker-dealers makes no sense, especially when there is an inherent conflict-of-interest when BDs and their Registered Representatives receive direct compensation only when their clients adopt their recommendations. There should only be a single standard of fiduciary accountability for all those providing investment advisory To do otherwise will only benefit those who choose to hid behind the weaker standard... at the expense of the consumer.