Subject: File No. S7-25-99
From: Jack C Harmon II, CFP, CIMA
Affiliation: Principal, Harmon Financial Advisors, Inc.

August 23, 2004

In the interest of investor protection I ask that you consider withdrawing this proposed act. Now more than ever the SEC should be taking a stronger role in the protection of American investors by safeguarding the protections offered in the Investment Advisers Act of 1940, not gutting it.

For what its worth, I am working now with a widow of 22 years whose finances have been mismanaged by a broker that is currently allowed to charge a fee and call himself a Financial Advisor under this proposal. She is a grandmother of 4 that can ill-afford this proposal.

With more and more American household investing, we should be moving forward in our efforts to protect them and their hard-earned assets. This proposal is a step backward for investor protection. Withdrawing this proposal would be consistent with your mission. Please clarify the distinction between salesperson and advisor by withdrawing this proposal.