Subject: File No. S7-25-99
From: Dave Moran, CFP
Affiliation: Sr. Vice President, Evensky, Brown Katz

September 20, 2004

I am writing to request you withdraw the broker dealer exemption. This rule causes confusion in the minds of the consumer of financial services. Fiduciary standards of conduct, full disclosure of fees, and disclosure of any conflicts of interest and the requirement to deliver the ADV Part II to the consumer should be required by those who are currently exempt from these standards.

Please withdraw the broker dealer exemption in the interest of fairness to the public.