Subject: File No. S7-25-99
From: JOYCE FRANKLIN, CPA, CFP

August 23, 2004

Dear Sir or Madam:

I urge the Commission to WITHDRAW, not amend, the rule proposal exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.

I believe that the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers like myself and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.

Thank you for your consideration.