Subject: File No. S7-25-99
From: Douglas W Gill, CFP
Affiliation: various

August 27, 2004

I have both broker/dealer and RIA business lines within my company and I think the SEC would be creating a very negative double standard if it exempts brokers from the rule. The rule as it stands should be withdrawn in its entirety.

Consumers should be able to expect the same level of fiduciary care from all who provide investment advice without regard to employer. In todays world of skepticism and mistrust of our industry, the SEC needs to take the high road on this matter.