Subject: File No. S7-25-99
From: Margie Mullen
Affiliation: NAPFA and FPA

August 23, 2004

I urge you to WITHDRAW this rule that exempts broker-dealers from the Investment Advisers Act of 1940. It is unfair to consumers, unfair to RIAs and unfair to all financial planners who consider themselves a fiduciary for their clients.