Subject: File No. S7-25-99
From: Jon Brandes
Affiliation: Independent Registered Investment Adviser

August 24, 2004

I am writing to request the SEC to WITHDRAW the proposed Rule that would exempt broker-dealer firms from the Investment Advisers Act of 1940 when offering fee-based investment programs to the public. I believe it is illogical and patently political to have more than one standard of conduct for persons and entities offering financial planning and investment advice to the public for a fee.

I believe that creating a weaker and less comprehensive standard of conduct requirement which is called the Merrill Lynch Rule in the industry for the major brokerage firms is indefensible and plainly anti-consumer in its application.

I believe this is a simple matter that should not require any further study and should not be permitted to have any wiggle room on behalf of big business.

Thank you .