Subject: File No. S7-25-99
From: Dwight A Mikulis, CFP

August 23, 2004


I am a member of an independent investment and financial planning firm. We are representative of the many firms in the United States who work directly with individuals to help them make good financial decisions. I would ask the SEC to withdraw the rule proposal that gives an SEC exemption for Broker-Dealers from having to become registered investment advisors when giving investment and financial advice to consumers. I believe it is incredibly bad for the public to give an exemption to the very groups that have been involved in non-disclosure,analyst scandals, accounting scandals and other issues. Why should these firms be given a pass to not have to comply like the rest of us and especially small firms?

Thanks for your consideration,

Dwight A. Mikulis