Subject: File No. S7-25-99
From: John A Brown, CFP
Affiliation: CEO -Brown Financial Advisory, Inc.

August 23, 2004

Please consider withdrawing the rule proposal that exempts
brokers from the disclosure rules that I, as an RIA, must follow. I am happy to follow the disclosure rules. They protect the public. I just think it unfair and not in the
publics interest that the playing field be uneven.

How can it be against the publics interest if they know if a conflict of interest exists when an advisor makes a reccomendation and shouldnt all advisors have to operate under the same rules. Particularily, those with powerful,
aggressive, organizations putting pressure on them to produce? Eliminate this rule, please for the public and in fairness to RIAs.