Subject: File No. S7-25-99
From: Dorcas B Walke, CFP

August 24, 2004

Please withdraw the broker-dealer exemption rule. It 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. Brokers should not be exempt from the higher standards. If brokers want to offer fee based services they should be held to the high standards as registered investment advisers.