Subject: File No. S7-25-99
From: Peter Toll
Affiliation: Chairman of the Board, Financial Planning Assn. of OR SW WA

August 24, 2004

This Merrill Rule should be withdrawn. Your ultimate goal is to protect the consumer, not provide two standards of operations, one of which blatantly favors the biggest broker dealer in the world.
As a financial advisor who is securing former Merrill clients, I am appalled at the way Merrill addresses the financial planning issue. They are now charging a minimum of 500 dollars for planning a portfolio. Does that sound like it is incidental to their business?
One rule for all and that rule should be tighter, not looser.
Thank you.