Subject: File No. S7-25-99
From: Holly B Carroccio
Affiliation: Certified Financial Planner

August 24, 2004

I urge you to withdraw any consideration for amending the rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs. This would create an unfair disparity between various types of advisors and would also offer less protection to consumers.

Thank you,