Subject: File No. S7-25-99
From: James L Kluender

August 24, 2004

I urge you to withdraw -- not amend -- this rule proposal because I believe that it is not in the best interest of consumers to create two different standards of conduct for those who offer financial planning services. It would place a higher fiduciary standard on registered investment advisors and a lower standard for others under NASD rules. Also, it would exempt brokers from disclosing conflicts of interest in connection with offerring financial planning services. Thank you for consideration.