Subject: File No. S7-25-99
From: Robert A Harclerode, ChFC
Affiliation: President, Stonebridge Capital Management

September 3, 2004

I commend the SEC for the work it has been doing to clean up the investment industry and reinstill investor confidence in our profession. For this reason, I fail to understand how the SEC can view the proposal exempting Broker Dealers from the Investment Advisor Act of 1940 as a furtherance of the objective to protect consumers from inadequate disclosure and irresponsible advice. I request that the Commission withdraw this proposal as it is clearly not in the best interest of the consumer.