Subject: File No. S7-25-99
From: Kelly F Crane, CFA
Affiliation: Napa Valley Wealth Management

September 1, 2004

Please withdraw the proposed NASD Exemption Rule. This is very harmful to consumers who will not understand the difference between a Reg. Rep. and an Investment Advisor who will have different fiduciary standards when doing financial planning. Consumers have a right to expect ALL financial planning professionals to abide by the highest standards and not hide behind some exemption while Calling themselves Financial Planners and not disclosing all conflicts of interest.
Thank you.
Kelly F. Crane