Subject: File No. S7-25-99
From: Robert B Himebaugh
Affiliation: Owner, Himebaugh Financial Planning Services

August 24, 2004

I am a sole proprietor of a small financial planning business and I urge you to withdraw the rule proposal exempting broker-dealers from the Investment Advisers Act of 1940. It is simply wrong to create two different standards of conduct for persons offering financial planning services. I take very seriously my responsibility as a financial planner and expect the same from broker-dealers. The Consumer Federation of America and AARP also strongly object to the rule.

R.Bruce Himebaugh, CFP