From: mlumpe@wradvisors.com
Sent: Monday, July 22, 2002 11:56 AM
To: rule-comments@sec.gov
Subject: S7-25-99

This letter--if it is not too late--is to urge you to withdraw the 
Proposed Rule referenced above.  I believe that broker-dealers should 
not be exempted from registration under the Investment Advisers Act of 
1940 or similar state laws.  As a member of FPA, The Financial Planning 
Association, I am interested in advancing the professionalism of oru 
profession.  We need uniform standards of conduct.

Marge Lumpe, CFP
Waddell & Reed
1777 N E Loop 410, Suite 1201
San Antonio, TX  78217
(210) 826-0685