Subject: File No. S7-25-99
From: Carol L Fishburn, CFPtm
Affiliation: Brentwood Advisory Group, LLC

September 1, 2004

Please withdraw the proposed ruling rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs. 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. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.

All such firms doing financial planning or similar services should be covered under the same rules and with an equal playing field.

What would the general public say when they hear that large firms can get away with not disclosing conflicts of interest yet, other, mainly small firms have to???
Doesnt even make any sense