Subject: File No. S7-25-99
From: Mary Jane Johnson
Affiliation: Certified Financial Planner tm Professional - Horwitz Associates

August 24, 2004

I would ask you to withdraw this rule, not to amend it. This rule is anti-competitive by creating two standards
of conduct for persons offering financial planning services - one for registered investment advisors, and
a seperate standard for persons operating under NASD suitability rules. The rule is also anti-
consumer, because it permits nondisclosure of conflicts of interest by registered representatives. I
believe that investors deserve a clear and consistent message concerning the financial services advice
that they receive. Thank you.