Subject: File No. S7-25-99
From: Dennis P Park, CFP
Affiliation: Financial Advisor

August 24, 2004

I urge you to withdraw, not renew or extend the rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.

I have dealt with several clients in the past year who were poorly served by brokers. I believe these brokers would have done a better job if more closely regulated. These consumers previous brokers were not making the full disclosures that should be required of all who offer financial advise to consumers.