Subject: File No. S7-25-99
From: Elton H Bell, CFPr

August 24, 2004

I urge you to WITHDRAW your proposal to exempt broker/dealers or any other
financial organizations from the requirements set forth in the Securities
Act of 1940 when they offer fee-based brokerage programs.

I believe that it is contrary to the publics interests to be offered financial advice
without the advisor being subject to regulatory oversight. Furthermore, if a
company is PRIMARILY in the business of selling products, it should not be
allowed to market itself as an advisor if it isnt willing to be regulated as such.