Subject: File No. S7-25-99
From: Mark Smith, CPA, CFP, CLU

August 23, 2004

I request that you WITHDRAW, not amend, the rule proposal. I believe the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services. We are in a period of building back the trust of investors who have witnessed repeated scandals and market malfeasance. Please do not allow this proposed rule to allow yet another opportunity for lack of oversight to work against investors. Thank you.