Subject: File No. S7-25-99
From: Jean C Gannett, CFP
Affiliation: Associated Securities, Corp.

August 24, 2004

Dear Sirs:
I would like to express my concern about the rule exempting broker-dealers from the Investment Advisors Act of 1940 when offering fee based programs. I feel the rule creates two standards of conduct for those offering financial planning services. Any time you allow for non-disclosure of conflicts of interest by registered representatives, I feel you are putting the public at a disadvantage. Please rethink your position on this and create a condition where everyone has the same set of rules to follow.
Thank you very much for your consideration.
Jean Gannett, CFP
Registered Principal