Subject: File No. S7-25-99
From: John R Jones
Affiliation: Certified Financial Planner

September 8, 2004

With Regard to the broker-dealers exemption to the Investment Advisors Act of 1940 when offering fee-based brokerage business, I believe it is in the best interest of the American people that the SEC withdraw the proposed rule. My belief is rooted in the conflict of interest inherent in any brokerage transaction as well as incomplete disclosure to the public. Further, I believe this would create two different standards, one high standard for Registered Investment Advisors and one much lower standard providing much less public protection and disclosure for brokers offering fee based brokerage services.