Subject: File No. S7-25-99
From: charles j barley, CLU,CHFC,CSA
Affiliation: President, Capital Planning Institute

August 24, 2004

Registration should be required for everyone as the 1940
investment advisors act has intended.
Therefore,i urge you to Withdraw and not amend your new rule
on the SEC broker dealer rule exemption.
Thank You for your consideration.
Charles j Barley