Subject: File No. S7-25-99
From: David M KOVER, CFP
Affiliation: Financial Planning Association of Illinois

August 23, 2004

As a CFP practioneer, Registered Investment Advisor, and stock broker with over 16 years of experience, I strongly urge the SEC to withdraw completely the propsed exempetion to the Investment Advisors Act of 1940. In a time when we believe more transparency is needed in the financial services industry, this proposal will create more conflicts of interest that do not have to be disclosed to the client. This rule will result in different standards for financial professionals, eliminate fiduciary responsibility and add further confusion for consumers. Thank you.