Subject: File No. S7-25-99
From: Penny Marchand, CFP, EA
Affiliation: Owner Cambridge Financial Group

August 30, 2004

I believe the SEC needs to withdraw the SEC Broker-Dealer Rule Exemption. As a fee-only planner and registered investment advisor, I believe that it is hard for consumers to sift through two different standards of conduct.

Broker-dealers and their salespeople need to be held accountable and ought to be clearly differentiated from those of us who accept fiduciary responsibility and act in our clients best interest.