Subject: File No. S7-25-99
From: Leslie A Strebel
Affiliation: Financial Planning Association

August 24, 2004

-As a financial planner and an affiliate with a potentially exempt firm, I find it incongruent and not at all in clients best interest for certain broker dealers to be exempt from the Investment Advisory rules. Please withdraw this rule immediately, so that independent advisors and brokers with a BD affiliation can be on a level playing field. It is the only option that protects the consumer.