Subject: File No. S7-25-99
From: Jeffrey T. Buckner, CFP

August 24, 2004

For the past 20 years I have worked on building an independent, fee only financial planning and investment advisory firm. During this entire time I have been subject to the supervision of the SEC as an RIA. In my opinion it is unfair for brokers who are providing advise for fee based compensation to be exempt from these regulations. It is also my opinion that the investing public has a right to complete disclosure in all areas of financial advise - including but not limited to compensation and conflicts of interest.

Please resend the Broker Dealer exemption.

Jeffrey T. Buckner, CFP
Plancorp, Inc.
St. Louis, Missouri