Subject: File No. S7-25-99
From: Donald S Loveless, CFA
Affiliation: President, Independent Investors Inc.

September 30, 2004

The SEC should withdraw, and not consider amending, the proposed rule: Certain Broker-Dealers Deemed Not To Be Investment Advisers.

I dont believe someone should be able to hold themself out as a Financial Advisor or Financial Planner while avoiding the very significant Fiduciary Duties imposed by the 1940 Act.

Although the wirehouses voice concern over competitiveness if the rule is withdrawn it is really they who seek an patently unfair advantage by wanting to hold themselves out as Advisors when in fact the Fiduciary Duty to the client first is not their required minimum standard. If they want to put an Advisor face on their services they should have to cloak themselves in the Fiduciary duty as a Registered Investment Advisor.