Subject: File No. S7-25-99
From: Larry Dresner, Mr.
Affiliation: FPA

August 23, 2004

Im writing to ask that you withdraw, not amend, the rule proposal. I believe that the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. This is unfair to registered investment advisors, as well as confusing to the general public.

Thank you.