Subject: File No. S7-25-99
From: Nancy A Ferriss, CFP
Affiliation: Financial Planning Association

August 23, 2004

Please withdraw this proposed rule. An exemption that permits some investment professionals to adhere to lower standards and lets them avoid disclosing potential conflicts of interest hardly furthers the SECs goals of promoting ethical standards of conduct for the financial advisory community. Nor does it protect the public from the kinds of abuses the SEC is now investigating. Please withdraw this proposed rule.