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

August 23, 2004

I urge the Commission to withdraw, not amend, the SEC Broker-Dealer Rule Exemption.

As a Certified Financial Planner, I believe this 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.

At this point in time where corporate governance has become a top priority to protect the public, it is in the publics best interest to withdraw this rule. Full disclosure is in the publics best interest. I urge the Commission to move toward higher standards for all those serving the public, not lower ones.