Subject: File No. S7-25-99
From: John A Schram
Affiliation: Investment Advisor Representative, Linsco Private Ledger

August 23, 2004

I respectfuly submit that the NASD WITHDRAW, not amend, the rule proposal. I believe the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.

Thank you for your consideration,

John Schram, CFP