Subject: File No. S7-25-99
From: Edd H Hyde, CFP, CIMA, AIFA
Affiliation: President and CEO, Radnor Financial Advisors, Inc.

August 23, 2004

I urge the Commission to withdraw the rule proposal to allow the Broker-Dealer rule exemption from RIA 1940 Act compliance and requirements. All providers of sevices to clients/customers on a fee paid basis should have the identical regulatory rules. Any exemption distorts the marketplace and disadvantages the consumer.