Subject: File No. S7-25-99
From: John P Pfaffmann, CFP
Affiliation: Financial Planning Association

August 23, 2004

I request that the recent rule exempting Broker Dealers from the Investment Advisors Act of 1940 when offering fee based platforms will create an unfair environment for the consumer by requiring one set of rules for Broker Dealers and another for RIAs. Isnt there already enough confusion for the consumer without adding more? For these reasons I suggest withdrawal of this proposal.