Subject: File No. S7-25-99
From: James R Naylor, Jr.
Affiliation: Certified Financial Planner

August 31, 2004

I ask that you WITHDRAW the rule ammendment to the SEC Broker Dealer Amendment Exemption. This amendment would exempt broker-dealers from the Investment Advisors Act of 1940 when offering fee-based brokerage programs.

Thank you for your consideration.