Subject: File No. S7-25-99
From: CAROLE J PECK
Affiliation: PRESIDENT

August 23, 2004

Please withdraw this rule. I agree with the Consumer Federation of America and AARP, which also strongly object to the rule. 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.