Subject: File No. S7-25-99
From: James V King
Affiliation: Financial Rep., Northwestern Mutual Financial Network

August 23, 2004

I would like to express my displeasure in the new rule regarding fee-based financial planners and request that this new wrinkle be withdrawn completely. I do not believe that just because a planner charges a fee for his service instead of a commission he should be exempt from the Investment Advisors Act of 1940. If someone would like to practice in the financial planning field, he/she should be held to the same standard as everyone else. Setting different standards for advisors performing the same service based on their manner of compensation is a dangerous precedent. The ultimate goal of our profession should be to benefit our clients position. This is compromised under your new rule.

Thank you for your time,