Subject: File No. S7-25-99
From: Michael E Moffitt, ChFC

August 24, 2004

I believe this rule proposal should be withdrawn. It creates an unfair playing field against RIAs like myself by creating two standards of conduct for persons offering financial planning services: one for registered investment advisers and one under NASD suitability rules. It appears also to be anti-consumer, by permitting non-disclosure of conflicts of interest by registered representatives.