Subject: File No. S7-25-99
From: Danny J Frazell, EA, CFP
Affiliation: Natl. Assoc. of Enrolled Agents, Financial Planning Assoc.

August 23, 2004

Honorable Sirs and Madames:
I urge the Commission to WITHDRAW, not amend, the rule proposal that would exempt brokers from registering as an Investment Advisor before offering financial planning and investment advisory services to clients. I believes 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.

Danny J. Frazell - President
Legacy Wealth Advisors, Inc. a Registered Investment Advisor