Subject: File No. S7-25-99
From: James E Kearney, CFP, CTFA

August 23, 2004

As a certified financial planner CFP and member/owner of a registered investment advisor firm, I would like the SEC to withdraw this rule proposal SEC Broker-Dealer Rule Exemption as I believe it to be harmful to consumers by creating two different standards of conduct for persons offering financial planning services - a higher one for registered investment advisors and a lower one under NASD suitability rules.