Subject: File No. S7-25-99
From: Maura VH Murphy
Affiliation: Fee-Only Financial Planner

August 31, 2004

I urge you to withdraw, not amend, the rule proposal exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs. How can it be in the consumers best interest to lower the fiduciary standards of conduct for persons offering financial planner services under NASD suitability rules while holding RIAs to a higher standard?