Subject: File No. S7-25-99
From: Erik G Jensen
Affiliation: CFP

August 27, 2004

As an independent state registered investment advisor and financial planner, I urge you to withdraw this rule proposal exempting broker-dealers from the Investors Act of 1940.

Consumers need to know when they are working with independent advisors who must adhere to higher fiduciary standards. Those who do not adhere to those standards should not be able to market themselves as financial planners.

Thank you.