Subject: File No. S7-25-99
From: Michael S. Krupit

September 17, 2004

I am a private investor who uses the services of an independent financial planner. I would like to note my opinion that Broker-Dealer Rule Exemption be withdrawn. When choosing a financial professional, I am always concerned about conflicts of interest. Full-disclosure for fee-based programs is critical to my ability to make a safe and informed decision. It is important to me that the SEC restore functional regulation of investment advice under federal securities laws.

I object to the Broker-Dealer Rule Exemption and would like to see it withdrawn.


- Michael S. Krupit