Subject: File No. S7-25-99
From: David B Mendels
Affiliation: Financial Planner

August 24, 2004

I strongly urge that the proposed rule be withdrawn. As a financial planner of ten years standing who has operated both with a Broker Deal and with only an RIA, I can tell you that this rule may simplify compliance proceedures for the broker dealers, but it can only serve to mislead the public.

If you feel, none the less, compelled to go forward with this proposed rule, truth in labeling would seem to require that such advice be clearly labeled as incidental planning and that the client be clearly notified that the advice they are receiving is subject to a far lower standard of conduct than the full fiduciary standard expected of a non-incidental planner.