Subject: File No. S7-25-99
From: Leslie R Merrithew, CFP
Affiliation: NAPFA, NAEA

August 24, 2004

I urge you to withdraw the rule proposing broker/dealers from being required to register as investor advisors. I am currently a Fee-Only Advisor and RIA previously I was a Registered Principle with SunAmerica Securities with a 10 person branch office. I can assure you that we all gave investment advice as registered representatives. Broker/Dealers should NOT be exempt from registration.

Thank you for your consideration

Leslie R. Merrithew, CFP, EA