Subject: File No. S7-25-99
From: Jocelyn W Holzwarth
Affiliation: Owner - Independent Planning Associates, LLC

September 15, 2004

Dear Sir or Madam -

I am writing to respectfully request that you withdraw the proposed rule change regarding RIAs. I believe that a potential double standard will be created with Independent Registered Investment Advisors being held to a higher standard than those offering advice at a broker/dealer. How will the public be able to discern the difference, which is difficult enough now? Our concern is that the public will be getting what they deem to be independent non-biased advice which might or might not be true.

We also have concerns about conflicts of interest which could be avoided under the new rule. For the aforementioned reasons, I again request that you withdraw the proposed rule change.

Thank you for your consideration.

Jocelyn Holzwarth, CFS,CSA,CDFA
Registered Principal
National Planning Corporation

Registered Investment Advisor
Independent Planning Associates, LLC