Subject: File No. S7-25-99
From: John Dragstrem

September 21, 2004

After 25 years as an IT Executive 22 with financial services firms I have switched careers and have become a Financial Planner. In part I have made this move to provide Financial Advice that people can better trust. I sell no products and am paid on and hourly as-needed fee-only basis. Being compensated to sell securities appears to be a clear conflict of interest when giving financial advice.

I support NAPFAs position on this rule:

1. NAPFA wants the proposed rule to be withdrawn. Modifying the rule is not sufficient.

2. The proposed rule has harmed consumers because it does not help them distinguish between investment brokers who are making a sale and financial advisors who are providing objective advice.