Subject: File No. S7-25-99
From: Jordan Gary, CFP
Affiliation: Pres., Investment and Asset Planning, LLC

August 23, 2004

I am writing to ask you to withdraw the rule proposal exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.

It seems very unfair to the public and to Registered Investment Advisors like our firm to exempt broker-dealers from the rules of registration. Surely it is evident to all that NASD has not adequately discouraged conflicts of interests and it has not required adequate disclosure. NASD has been focused on regulations about investment sales not giving unbiased advise, which people expect from fee based investment advisors.

Please do not make the common mistake of government: of giving prefererance to big business over the interests of consumers.