Subject: File No. S7-25-99
From: Michael W Vandenburg
Affiliation: President, Coast Wealth Management, Inc.

August 24, 2004

I am asking you to withdraw, not amend your proposal exempting broker-dealers from the Investment Advisors Act of 1940. The rule is anti-competitive, creating two standards of conduct for persons offering financial planning services. In the end, the consumers will be the ones most hurt by not disclosing conflicts of interest.
Thank you