Subject: File No. S7-25-99
From: Jonathan Stoller, CFP

August 23, 2004

I am urging the Commission to WITHDRAW, not amend, the rule proposal. The rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services. What is our country coming to when the oversite organizations put their weight behind creating avantages to large service companies, like broker/dealers, at the expense of consumers?